Corporate bond issuance doubles in Q1

SEOUL, April 2 (Yonhap) -- South Korean companies' bond issuance more than
doubled in the first quarter as they increased borrowing to raise working capital
amid an economic downturn, a report showed Thursday.
A total of 270 firms floated a combined 26.5 trillion won (US$19.5 billion) worth
of debts in the January-March period, up 106.4 percent from the same period a
year earlier, according to the report by the Korea Securities Depository.
The bulk of the debt offerings were intended to raise operating funds, the agency
said, as an economic downturn slashed corporate earnings.
Kia Motors Corp., the second-largest carmaker affiliated with Hyundai Motor Co.,
and state energy agency Korea Hydro & Nuclear Power Co. issued the highest amount
with both selling 800 billion won worth of bonds each, followed by Samsung Heavy
Industries Co. with 700 billion won.
pbr@yna.co.kr
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