Chinese companies issued 484 new corporate bonds in 2012, a 148 percent increase year-on-year, the Shanghai Securities News reported on Friday.

The bonds raised 649.9 million yuan ($104.3 million), up 161 percent year-on-year, indicating faster expansion in the direct financing market amid support from government policies to stabilize economic growth.

Sixty-two securities companies underwrote the corporate bonds last year, nine more than in 2011.

China Development Bank Securities, Guosen Securities and China Galaxy Securities were the top three firms in terms of new bond issuance and fundraising.

Competition among securities companies is getting fiercer, which may push the underwriters to further cut their commissions in the future, analysts said.

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