【熊猫债年内发行增逾七成 低融资成本优势凸显】今年以来，熊猫债市场持续火热。Wind数据显示，截至9月28日，年内熊猫债发行规模达2450.45亿元，同比增长77.89%。三季度尚未结束，今年熊猫债的发行规模就已超过2025年全年水平。熊猫债市场的存量规模也首次站上5000亿元台阶，达到5406.79亿元。数据显示，年内熊猫债加权平均发行利率为1.84%，延续了近年来走低的趋势。而在美元市场，债券发行利率通常为4.5%到5.5%，利差优势使得熊猫债受到青睐。这种成本优势不仅体现在利率上，也体现在期限上，今年熊猫债加权平均发行期限达到3.26年，体现出发行人愈发倾向于选择熊猫债锁定更长期限的低成本资金。伴随着近期美联储开启加息，熊猫债的利率优势将进一步凸显。
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