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S. Korea's corporate financing drops in January

Xinhua, February 16, 2015 Adjust font size:

Corporate financing in South Korea, such as sales of stocks and bonds, fell sharply in January on weak demand for initial public offering (IPO) and stock sales, financial watchdog data showed Monday.

Direct corporate financing amounted to 7.52 trillion won (6.84 billion U.S. dollars) in January, down 22.6 percent from a month earlier, according to the Financial Supervisory Service. From a year earlier, it was down 13.7 percent.

Weak stock sales led the January decline. Rights offering tumbled 71 percent from a month earlier to 339.4 billion won in January. The number of IPO was only one contract worth 7 billion won.

Corporate bond sales reduced 16 percent to 7.18 trillion won in January on a monthly basis. Bank debenture sales, which averaged 2 trillion won a month in 2014, stood merely at 50 billion won in January as banks delayed sales amid volatile movement of market rates.

Bond sales by industrial companies were 3.19 trillion won, with those by financial firms amounting to 2.3 trillion won. Sales of asset-backed securities stood at 1.48 trillion won. Endi