"Stock and Corporate Bond Issuance Hits 22 Trillion Won in November... Down 8% from Previous Month"

In November of this year, the amount of funds raised by domestic companies through the issuance of stocks and corporate bonds decreased by 8% compared to the previous month. This was mainly due to a decline in corporate bond issuance.

According to the "Direct Financing Performance of Companies in November 2025," released by the Financial Supervisory Service on December 24, the total amount of public offerings of stocks and corporate bonds by companies last month was 21.8915 trillion won, a decrease of 1.8135 trillion won (7.6%) from the previous month.

Stock issuance reached 821.4 billion won, as both initial public offerings (IPOs) and paid-in capital increases grew. This represents a 774.8% increase from the previous month. Of this, IPOs amounted to 410.9 billion won, up 684%, and paid-in capital increases totaled 410.6 billion won, up 889.4%.

In contrast, corporate bond issuance was 21.0701 trillion won, down 10.8% from the previous month.

General corporate bonds amounted to 1.956 trillion won, a sharp decline of 45%. In terms of funding purposes, the proportion of bonds issued for refinancing purposes decreased, while the proportion issued for operating and facility funds increased. By credit rating, the share of bonds rated AA or higher and BBB or lower both rose. On the other hand, the share of bonds rated A declined.

As of the end of last month, the total outstanding balance of corporate bonds stood at 756.2263 trillion won, an increase of 0.8%. General corporate bonds continued to show a net issuance trend for the second consecutive month.

During the same period, the issuance of commercial paper (CP) and short-term bonds reached 166.2919 trillion won, up 20.8% from the previous month.

The amount of CP issued was 44.8023 trillion won, a 0.3% increase. General CP issuance was 27.5108 trillion won, and PF-ABCP was 1.8099 trillion won, up 28.1% and 4.4%, respectively. The outstanding balance stood at 236.2987 trillion won, a decrease of 27.9%.

Short-term bonds issuance amounted to 121.4896 trillion won, up 30.7%. General short-term bonds reached 94.9682 trillion won, a 45.5% increase. In contrast, PF-AB short-term bonds and other AB short-term bonds were 13.5656 trillion won and 12.9558 trillion won, down 7.6% and 0.4%, respectively.