April 26, 2024

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South Korean companies’ stock and bond sales dropped 14.7 percent on-month in August, hit by a modest decline in sales of corporate bonds, data showed Sept. 30.

Local companies raised a combined 14.5 trillion won ($12 billion) through sales of stocks and bonds last month, down 2.5 trillion won from a month earlier, according to the data from the Financial Supervisory Service.

Stock sales, including eight initial public offerings, fell 7.2 percent on-month to 494.6 billion won last month.

The value of corporate bonds floated in August, including bank bonds and asset-backed securities, dipped 15 percent from a month earlier to 14 trillion won, the FSS said.

An ABS is a security whose income payments, and hence value, are derived from and backed by a pool of underlying assets.

By Ram Garikipati and newswires (ram@heraldcorp.com)