April 19, 2024

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[THE INVESTOR] Korean companies’ equity and debt sales rose 6.3 percent in the first six months of the year, thanks to a rise in sales of corporate debts and rights issues, government data showed on July 26.

Local companies raised 87.2 trillion won (US$77.40 billion) by selling stocks and bonds in the first half, compared with 82.1 trillion won for the same period last year, according to data from the Financial Supervisory Service.

Stock sales, including 22 initial public offerings, rose 14.8 percent on-year to 5.6 trillion won for the first half.

The jump was attributed to a series of rights offerings by large corporations, which were aimed mainly at bolstering their financial soundness.

Rights issues by those firms, including embattled shipbuilders Samsung Heavy Industries and Hyundai Heavy Industries, came to 5.2 trillion won during the six-month period, up a whopping 257 percent from a year earlier.

In contrast, IPOs tumbled 84.5 percent to 546.4 billion won in the first half due to a base effect stemming from big IPOs carried out a year earlier.

The value of corporate bonds floated in the January-June period, including bank bonds and asset-backed securities, gained 5.7 percent on-year to 81.5 trillion won for the first half.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)