Millennium Post

H1 primary bond sales up 18% to record $34.9 billion

Primary bond offerings by domestic corporates have touched a record high of $34.9 billion in the first half of the year.

'Primary bond offerings from domestic issuers witnessed the best semi-annual volume on record during the first half of 2013 as total proceeds raised reached $34.9 billion, an 18.2 per cent increase from the first half of 2012 of $29.5 billion,' according to the data compiled by Thomson Reuters.

The increase was despite a slump of 31 per cent in the April-June quarter compared to the preceding first quarter, it said.In the overall pie of $34.9 billion, companies from the financial sector topped the chart with $21.9 billion or 62.7 per cent of the proceeds raised, it said in a statement. This was followed by energy and power (16.6 per cent) and industrials (6 per cent). Tapping the offshore US Dollar bond market also hit a record high with offerings of $9.7 billion in the first half of the year, as against the $8.1 billion observed in the entire 12-month period in 2012.
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