【绿金评论】2025年国内融资租赁行业ESG债券市场运行年报

Key Insights - The domestic financing leasing industry has issued a total of 571 ESG bonds by the end of 2025, with a cumulative issuance scale of 574.994 billion yuan. In 2025 alone, 142 ESG bonds were issued, amounting to 142.638 billion yuan, representing a year-on-year increase of 3.65% in the number of bonds and 3.45% in issuance scale compared to 2024 [1][6] - Green bonds remain the primary choice for the industry, accounting for 97.89% of total ESG bond issuance in 2025, with 139 bonds issued and a scale of 138.541 billion yuan, reflecting a year-on-year increase of 7.75% in quantity and 6.79% in scale [1][10] - The secondary market for ESG bonds in the financing leasing industry was highly active in 2025, with 246 bonds traded, marking a 40.57% increase from 2024, and a total trading volume of 1,406.01 billion yuan, up 3.62% year-on-year [2][38] Primary Market - By the end of 2025, the financing leasing industry accounted for 19.16% of the total number of ESG bonds issued and 12.41% of the total issuance scale, marking the first significant decline in market share in seven years [6] - The issuance of green bonds in the financing leasing industry reached a record high in 2025, with 139 bonds and a total scale of 138.541 billion yuan, both showing year-on-year growth [10][12] - The issuance of sustainable development-linked bonds was limited, with only 4 bonds issued in 2025, totaling 4.797 billion yuan [1] Secondary Market - The secondary market for ESG bonds saw a significant increase in trading activity, with 246 bonds traded in 2025, the highest growth rate in nearly nine years [2][38] - The most frequently traded instruments were asset-backed securities, while medium-term notes exhibited the strongest liquidity [2][40] - The interbank market was the primary venue for secondary market transactions, accounting for 65.04% of the total trading volume [42] Issuance Costs - In 2025, 61.29% of the green bonds issued in the financing leasing industry had lower coupon rates than similar bonds issued on the same day, indicating a cost advantage for green bonds [3][44] Notable Cases - Guangzhou Yuexiu Leasing Co., Ltd. issued carbon-neutral green corporate bonds aimed at rural revitalization, integrating environmental and social benefits [4][45] - Huadian Leasing Co., Ltd. issued green perpetual corporate bonds supporting the western development strategy, aligning financial resources with national development goals [4][45] - China Merchants Bank Leasing Co., Ltd. issued green financial bonds for offshore wind power projects, showcasing international engagement through the "Bond Connect" channel [4][46] Development Outlook - The financing leasing industry is expected to focus on standardizing and expanding transformation finance, aligning with international standards, and leveraging digital technologies for environmental impact measurement [5][49] - The market is characterized by a historical high in issuance scale and quantity, with a solid credit structure and a return to the interbank market as the main issuance venue [5][48]