2025年熊猫债发行规模超1600亿元 二十周年之际成金融开放标志性产品

Core Insights - The Panda bond market is celebrating its 20th anniversary in 2025, achieving high-quality development driven by continuous improvement of market systems and deepening openness [1] - In 2025, the total issuance of Panda bonds reached 163.31 billion yuan, a year-on-year increase of 15.6%, setting a new record [1] - By the end of 2025, the outstanding balance of Panda bonds reached 318.78 billion yuan, a year-on-year growth of 37%, with cumulative issuance exceeding 860 billion yuan, providing strong support for cross-border investment and the internationalization of the yuan [1] Market Highlights - Product innovation and structural optimization emerged as key highlights, with foreign issuers actively participating in the issuance of green, sustainable, and technology innovation-themed bonds, totaling 18.2 billion yuan, accounting for 11.1% of the total issuance [1] - The proportion of medium- to long-term bond issuance significantly increased to 79%, injecting more long-term stable funds into the real economy [1] International Engagement - The level of market openness has further improved, with the proportion of foreign investors holding Panda bonds in the interbank market reaching 14.8%, the highest among China's bond market varieties, highlighting the unique position and openness of Panda bonds in the international financial market [1][2] - The trading association continues to optimize issuance mechanisms and services, creating a more stable, transparent, and predictable financing environment for foreign issuers [2]