S. Korean banks' debt payback exceeds sales in Jan.

SEOUL, Jan. 3 (Yonhap) -- South Korean financial firms repaid far more bonds than
they sold in January, a sign they are pulling out of the credit crunch triggered
in late 2008, the national securities depository agency said Wednesday.

Local banks, credit card firms and other financial institutions issued a total of
3.3 trillion won (US$2.9 billion) in debts last month, while paying back 6
trillion won, according to the Korea Securities Depository (KSD).
The depository began releasing bond figures on Wednesday, without providing
comparable figures.
Corporate bonds sales, meanwhile, fell 41.8 percent month-on-month to 3.5
trillion won in January, while the firms paid back 2.1 trillion won, the
depository said.
The data comes as companies reduce their issuance of debts, after massive debt
sales last year aimed at raising emergency funds amid the global economic
downturn.
pbr@yna.co.kr
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