Corporate direct financing slips 7.9% in August

South Korea's corporate direct financing fell 7.9 percent on month in August due to a decline in sales of bonds, data showed Friday.

Local companies raised a combined 19.35 trillion won ($16.4 billion) by selling stocks and bonds in August, down 1.66 trillion won from a month ago, according to the data from the Financial Supervisory Service (FSS).

Corporate stock sales rose 10.3 percent to 4.05 trillion won, with the value of initial public offerings jumping 27.4 percent to 4 trillion won.

Local businesses' bond offerings declined 12.3 percent on-month to 14.9 trillion won in August.

Last month, the issuance of asset-backed securities soared 156.3 percent on-month to 1.89 trillion won, according to the data. (Yonhap)