Since this year, the panda bond market has continued to be hot. According to Wind data, as of September 28, the issuance scale of panda bonds reached 245.045 billion yuan during the year, an increase of 77.89% over the previous year. The third quarter is not over yet, and the scale of issuance of panda bonds this year has already surpassed the level of the full year of 2025. The stock size of the panda bond market also reached the 500 billion yuan level for the first time, reaching 540.679 billion yuan. According to the data, the weighted average interest rate for issuing panda bonds during the year was 1.84%, continuing the downward trend in recent years. In the US dollar market, the interest rate for issuing bonds is usually 4.5% to 5.5%, and the advantage of interest spreads makes panda bonds popular. This cost advantage is reflected not only in interest rates, but also in terms of maturity. The weighted average issuance period of panda bonds reached 3.26 years this year, indicating that issuers are increasingly inclined to choose low-cost capital for a longer period of time with panda bonds. With the Federal Reserve's interest rate hike recently, the interest rate advantage of panda bonds will be further highlighted.

Since this year, the panda bond market has continued to be hot. According to Wind data, as of September 28, the issuance scale of panda bonds reached 245.045 billion yuan during the year, an increase of 77.89% over the previous year. The third quarter is not over yet, and the scale of issuance of panda bonds this year has already surpassed the level of the full year of 2025. The stock size of the panda bond market also reached the 500 billion yuan level for the first time, reaching 540.679 billion yuan. According to the data, the weighted average interest rate for issuing panda bonds during the year was 1.84%, continuing the downward trend in recent years. In the US dollar market, the interest rate for issuing bonds is usually 4.5% to 5.5%, and the advantage of interest spreads makes panda bonds popular. This cost advantage is reflected not only in interest rates, but also in terms of maturity. The weighted average issuance period of panda bonds reached 3.26 years this year, indicating that issuers are increasingly inclined to choose low-cost capital for a longer period of time with panda bonds. With the Federal Reserve's interest rate hike recently, the interest rate advantage of panda bonds will be further highlighted.