Korea’s stock issuance down 85%, corporate bonds up 27% in H1

2023. 7. 24. 11:57
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South Korea’s corporate bond issuance rose nearly 27 percent in the first half of this year as the overall environment improved such as a decline in market rates. Equity financing, however, plunged by more than 85 percent in the absence of large-scale initial public offerings.

According to data released by the Financial Supervisory Service (FSS) on Monday, the total amount of stocks and corporate bonds issued in the first half of the year totaled 124.53 trillion won ($96.7 billion), up 8.7 percent from the same period last year.

Stock issuance totaled 2.74 trillion won, down 85.1 percent from 18.42 trillion won in the first half of last year due to a decline in large IPOs.

The number of IPOs stood at 48, the same as last year, but all of them were small and medium-sized enterprises that were listed on the secondary Kosdaq market.

“Last year, there was a very large IPO of LG Energy Solution Ltd., but stock issuance dropped sharply this year with no listing on Kospi,” the FSS said.

The total amount of capital increase was 1.74 trillion won, down 75.7 percent year on year. Both the Kospi and Kosdaq markets saw a decline in issuance due to the sluggish stock market.

Corporate bonds issued reached 121.82 trillion, up 26.7 percent from a year ago as the environment improved, including lower market interest rates.

Straight bonds amounted to 32.5 trillion won, up 50.7 percent from the same period last year. Most of them were mid- and long-term bonds issued for debt repayment purposes. In the first half of the year, straight bonds were converted into net issuance of 5.55 trillion won.

In addition to corporate bonds, issuance of financial bonds were up 20.6 percent and asset-backed securities 11.9 percent.

Meanwhile, the commercial paper (CP) and short-term bond markets shrank by 24.5 percent to 635.87 trillion won from a year earlier.

The total value of CPs fell 1.8 percent to 195.64 trillion won and that of short-term bonds by 31.5 percent to 440.23 trillion won.

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