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Corporate bond sales sink in March amid coronavirus scare

All News 13:52 April 08, 2020

SEOUL, April 8 (Yonhap) -- Corporate bond sales in South Korea more than halved last month amid increasing worries over the coronavirus' economic fallout that also led to a credit crunch in the capital market, data showed Wednesday.

South Korean companies floated 5.1 trillion won (US$4.2 billion) worth of debt in March, down 7.3 trillion won from a month ago, according to the data by the Korea Financial Investment Association (KOFIA).

In stark contrast, the entire bond issuance in March rose to 79 trillion won, up 9.2 percent, or 7.3 trillion won, over the cited period.

Corporate bond sales sink in March amid coronavirus scare - 1

Trading volume of corporate bonds also shrank to 12.4 trillion won, down 6.5 trillion won.

The fall was triggered by the growing uncertainties amid the spreading COVID-19 pandemic, which led to the strong U.S. greenback against the local currency and a drastic decline in asset sales, such as stocks and bonds, according to the KOFIA report.

jwc@yna.co.kr
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