SEOUL: Corporate direct financing in South Korea experienced a significant increase in September, driven largely by a rise in debt sales, as local companies raised a combined 31.6 trillion won ($23 billion) by selling stocks and bonds. This marked a 57.6 percent increase from the 20.1 trillion won recorded in August. According to Emirates News Agency, the Financial Supervisory Service reported that despite the overall rise in corporate financing, equity issues saw a notable decline. The issuance of equity fell 71 percent to 111.1 billion won from 383.7 billion won during the previous month. Specifically, the volume of stocks sold through initial public offerings dropped 73.7 percent to 61.8 billion won, while rights offerings decreased by 66.8 percent to 49.3 billion won in September from 148.6 billion won the month before. The increase in bond issues compensated for the decline in stock sales. In September, local businesses issued 31.5 trillion won worth of bonds, which was an increase of 59.9 percent, or 11.8 trillion won, from the previous month. The value of outstanding corporate bonds rose to 673 trillion won by the end of September, increasing by 11.7 trillion won month-on-month. Additionally, South Korean companies issued 41.3 trillion won worth of commercial papers in September, reflecting a 10.7 percent increase from August. They also issued 78.5 trillion won worth of short-term bonds, marking a 3.4 percent rise compared to the previous month.