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Corporate bond sales in S. Korea fall for 3 months

Xinhua, August 30, 2016 Adjust font size:

Corporate bond sales in South Korea reduced for three straight months, indicating a lackluster investment from local companies, financial watchdog data showed on Tuesday.

Bond issuance by industrial companies reached 1.39 trillion won (1.24 billion U.S. dollars) in July, down 37.6 percent from the previous month, according to the Financial Supervisory Service (FSS). It marked the third consecutive month of reduction since April.

It was attributed to economic uncertainties that prompted companies to refrain from raising funds for investment into new businesses.

The government-led restructuring in troubled shipbuilders and shipping lines worsened the already faltering economy.

The number of people employed by manufacturers in South Gyeongsang province reached 886,000 in July, down 80,000 from a year earlier. It marked the biggest decline since the related data began to be compiled in January 2004. The region is where major ports and shipyards are located.

Issuance of overall corporate bonds, including those sold by financial institutions, reached 10.25 trillion won in July, down 4.9 percent from the previous month.

Sales of corporate bonds with an AAA credit rating more than doubled last month, but the AA-rated bond sales tumbled from 1.52 trillion won in June to 410 billion won in July.

Equity sales amounted to 628.4 billion won in July, down 38.1 percent from a month earlier. Endit