债务融资工具发行规模，连续两年突破10万亿元

Core Insights - The China Interbank Market Dealers Association aims to enhance self-regulation and service efficiency, targeting a debt financing tool issuance scale exceeding 10 trillion yuan in 2025, effectively reducing corporate financing costs and optimizing the term structure to support the real economy [1][2] Group 1: Debt Financing Tools - In 2025, over 2,300 enterprises issued debt financing tools totaling 10.1 trillion yuan, marking the second consecutive year of surpassing 10 trillion yuan, with a net financing amount of 1.7 trillion yuan [1] - The outstanding scale of debt financing tools exceeded 18 trillion yuan by the end of 2025, reflecting a year-on-year growth of 10%, which is 3 percentage points higher than the overall growth of corporate credit bonds [1] Group 2: Interest Rates and Industry Support - The average issuance interest rate for debt financing tools in 2025 was 2.05%, down 38 basis points from 2024 [2] - The association supported 230 first-time issuers in 2025, raising 123.9 billion yuan across various sectors including large manufacturing, raw materials, pharmaceuticals, agriculture, and tourism [2] - Additionally, 135 private enterprises issued 578.2 billion yuan, accounting for over 70% of the private corporate credit bond market [2] Group 3: Future Directions - The association plans to continue implementing the decisions of the central government, maintaining a stable yet progressive approach to promote the healthy development of the debt financing tool market, thereby enhancing support for high-quality economic and social development [2]