新华财经上海10月10日电（张天源） 第三季度中资离岸债市场呈现一级市场发行整体平稳、二级市场表现出色的特点。据中经社企业外 债风险监测系统显示，2025年前三季度，中资离岸债实际新发债券1108只，新发规模合计1454.59亿美元。 一级市场稳中有升三季度离岸债净融资规模回升 一级市场方面，今年三季度发行情况整体良好，规模稳中有升。据中经社企业外债风险监测系统数据显示，2025年第三季度，离岸债发 行总规模为774亿美元，剔除地产板块涉及违约重组而发行的规模后，2025年第三季度实际新发行离岸债券639亿美元，共发行债券502只 债券。尽管三季度存量债券到期额为年内高峰，但因整体发行规模继续保持增长，2025年三季度净融资为45.77亿美元，较二季度 的-314.82亿美元显著回升。 按发债类型来看，三季度离岸城投债共发行96只，合计143亿美元；离岸金融债共发行285只，合计165亿美元，其他类型离岸债共121 只。其中，离岸地产债新增融资规模依旧低迷，新发规模仅8只，总额约10亿美元，值得注意的是新城控股境外融资成功破冰，在9月23 日成功发行了1.6亿美元境外债。 按币种来看，今年三季度共发行502笔 ...

Group 1: Primary Market - In the week from September 8 to September 12, 2025, a total of 303 credit bonds were issued, with a total issuance scale of 372.67 billion yuan, representing a week-on-week increase of 123.89% [4] - Among the issued bonds, industrial bonds accounted for 120 issues with an issuance scale of 123.70 billion yuan, up 124.04% week-on-week, making up 33.19% of the total issuance [4] - Local government bonds had 136 issues with an issuance scale of 92.58 billion yuan, up 18.32% week-on-week, representing 24.84% of the total [4] - Financial bonds had 47 issues with an issuance scale of 156.40 billion yuan, up 373.94% week-on-week, accounting for 41.97% of the total [4] - The average issuance term for credit bonds was 2.97 years, with industrial bonds averaging 2.15 years, local government bonds 3.98 years, and financial bonds 2.20 years [4] - The overall average coupon rate for credit bonds was 2.27%, with industrial bonds at 2.19%, local government bonds at 2.46%, and financial bonds at 1.88% [4] - Six credit bonds were canceled during the week [4] Group 2: Secondary Market - In terms of credit spread, the largest increase for AAA-rated industries was in pharmaceuticals, up 5.6 basis points; for AA+-rated industries, the largest increase was in chemicals, up 6.9 basis points, while the largest decrease was in steel, down 49.2 basis points [5] - For AA-rated industries, the largest increase was in real estate, up 12.7 basis points, while the largest decrease was in commercial trade, down 1.5 basis points [5] - Among local government bonds, the largest increase in AAA-rated credit spreads was in Shaanxi, up 7.7 basis points, while the largest decrease was in Inner Mongolia, down 1.9 basis points [5] - For AA+-rated credit spreads, the largest increase was in Fujian, up 8.8 basis points, while the largest decrease was in Jilin, down 12.5 basis points [5] - The largest increase for AA-rated credit spreads was in Hebei, up 26.3 basis points, while the largest decrease was in Yunnan, down 0.9 basis points [5] Group 3: Trading Volume - The total trading volume of credit bonds was 1,199.55 billion yuan, representing a week-on-week decrease of 6.75% [6] - The top three categories by trading volume were commercial bank bonds, corporate bonds, and medium-term notes [6] - Commercial bank bonds had a trading volume of 379.95 billion yuan, down 15.44%, accounting for 31.67% of the total trading volume [6] - Corporate bonds had a trading volume of 332.49 billion yuan, up 6.12%, making up 27.72% of the total [6] - Medium-term notes had a trading volume of 272.84 billion yuan, down 4.65%, representing 22.75% of the total [6]