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(LEAD) corporate financing-September tally

(LEAD) Corporate direct financing soars 20.1 pct in September

(ATTN: CORRECTS throughout as FSS revises data; CHANGES headline)

SEOUL, Oct. 23 (Yonhap) -- Corporate direct financing in South Korea surged 20.1 percent from a month earlier in September on a spike in stock sales, data showed Monday.

Local companies raised a combined 23.78 trillion won (US$17.57 billion) by selling stocks and bonds last month, up 3.98 trillion won from August, according to the data from the Financial Supervisory Service (FSS).

Direct financing refers to raising funds directly from the stock and bond markets without borrowing from banks or other financial institutions.

Stock sales jumped more than 300 percent to over 2.7 trillion won in September from 566.9 billion won the previous month on a sharp increase in rights offerings.

There were nine IPOs in September that raised a combined 597.3 billion won, up from 212.8 billion won a month earlier, according to the FSS.

Rights offerings jumped more than 10-fold from 182.4 billion won in August to some 2.1 trillion won in September, it added.

Bond issues gained 9.6 percent, or 1.85 trillion won, to 21.07 trillion won over the cited period.

As of end-September, the value of outstanding corporate bonds stood at 631.6 trillion won, up 0.5 percent from a month earlier.

The data also showed that local businesses issued 31.9 trillion won worth of commercial papers last month, down 0.7 percent from August, and 67.16 trillion won worth of short-term bonds, up 6.5 percent on-month.

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