South Korean companies raised a combined 16.3311 trillion won (US$11.99 billion) through public stock and corporate bond offerings in August, down 10.0109 trillion won, or 38%, from July, according to the Financial Supervisory Service. Corporate bond issuance fell 36.1% to 15.8762 trillion won, led by a 32.2% drop in financial bonds to 14.8138 trillion won as vacation-season effects and high interest-rate burdens reduced issuance. General corporate bond sales plunged 88.8% to 310 billion won, with all five issues used to refinance existing debt. Stock issuance declined 69.5% to 454.9 billion won, partly reflecting the base effect from Hanwha Solutions’ 1.1713 trillion-won rights issue in July, while IPO proceeds rose 160.7% to 160.6 billion won. Issuance of commercial papers and short-term bonds fell 14.9% to 149.0692 trillion won. Outstanding corporate bonds nevertheless rose 1.89 trillion won, or 0.2%, to 768.85 trillion won at the end of August.