The issuance of asset-based securities (ABSs) in South Korea dropped sharply from a year earlier in the second quarter due to a sharp decline in those issued by the state-run housing finance company, data showed Monday. The ABSs issued in the April-June period came to 12.6 trillion won (US$9.15 billion), down 34.3 percent from 19.2 trillion won issued over the same period last year, according to the data from the Financial Supervisory Service. ABS refers to securities based on such assets as mortgages, auto loans, credit card receivables and student loans. For the first six months of the year, ABS issuance stood at 27.5 trillion won, down 8.2 percent from the same period last year. The financial regulator said ABSs issued by the state-run Korea Housing Finance Corp. tumbled 35.3 percent on-year to 11.4 trillion won from 17.6 trillion won over the cited period. As of end-June, the value of outstanding ABSs stood at 257.2 trillion won, up 7.9 percent from 238.4 trillion won a year earlier. Source: Yonha p News Agency
