亚开行-《亚洲债券监测》——2025年9月（英）

ASIA BOND MONITORSEPTEMBER 2025ASIAN DEVELOPMENT BANKThe Asia Bond Monitor (ABM) is part of the Asian Bond Markets Initiative, an ASEAN+3 initiative supported by the Asian Development Bank (ADB). This report is part of the implementation of a technical assistance project funded by the Japan Fund for Prosperous and Resilient Asia and the Pacific of the Government of Japan.This edition of the ABM was prepared by a team from ADB’s Economic Research and Development Impact Department headed by Albert Park, chief economist and director general, and supervised by Abdul Abiad, deputy chief economist and officer-in-charge of the Macroeconomics Research Division. The production of the ABM was led by Shu Tian and Donghyun Park. It was supported by Henry Ma and the AsianBondsOnline team comprising Angelica Andrea Cruz, Debbie Gundaya, Jeremy Grace Ilustrisimo, Russ Jason Lo, Resi Olivares, Roselyn Regalado, and Justin Adrian Villas. Mai Lin Villaruel provided operational support, Kevin Donahue provided editorial assistance, Principe Nicdao did the typesetting and layout, and Carlo Monteverde provided website support.Contributions from Alexander Raabe (economist at the Asian Development Bank, Manila, Philippines); Seiwan Kim (professor at the Ewha Womans University and president of the Korea Capital Market Institute, Seoul, Republic of Korea); Sunjoo Yang (PhD candidate at Ewha Womans University, Seoul, Republic of Korea); and Md. Bokhtiar Hasan (associate professor at the Department of Finance & Banking of the Islamic University, Kushtia, Bangladesh) are gratefully acknowledged.How to reach us:Asian Development Bank Economic Research and Development Impact Department6 ADB Avenue, Mandaluyong City1550 Metro Manila, PhilippinesTel +63 2 8632 6545Email: asianbonds_feedback@adb.orgDownload the ABM athttp://asianbondsonline.adb.org/documents/abm_sep_2025.pdf.The Asia Bond Monitor September 2025 was prepared by ADB’s Economic Research and Development Impact Department and does not necessarily reflect the views of the ADB Board of Governors or the governments they represent.ASIA BOND MONITORSEPTEMBER 2025ASIAN DEVELOPMENT BANK Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO)© 2025 Asian Development Bank6 ADB Avenue, Mandaluyong City, 1550 Metro Manila, PhilippinesTel +63 2 8632 4444; Fax +63 2 8636 2444www.adb.orgSome rights reserved. Published in 2025.ISBN 978-92-9277-436-3 (print); 978-92-9277-437-0 (PDF); 978-92-9277-438-7 (e-book)ISSN 2219-1518 (print), 2219-1526 (PDF)Publication Stock No. SGP250355-2DOI: http://dx.doi.org/10.22617/SGP250355-2The views expressed in this publication are those of the authors and do not necessarily reflect the views and policies of the Asian Development Bank (ADB) or its Board of Governors or the governments they represent. ADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use. The mention of specific companies or products of manufact