亚开行-《亚洲债券监测》——2025年11月（英）

ASIAN DEVELOPMENT BANKASIA BOND MONITORNOVEMBER 2025The 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 John Beirne (principal economist) and Irfan Qureshi (senior public sector specialist) at the Asian Development Bank in Manila, Philippines; Nuobu Renzhi (assistant professor and assistant dean) at the School of Economics, Capital University of Economics and Business in Beijing, People’s Republic of China; Gazi Salah Uddin (professor) at the Department of Management and Engineering, Linköping University in Linköping, Sweden and the School of Economics and Business, Norwegian University of Life Sciences in Ås, Norway; Abol Jalilvand (professor of finance and director of the Center for Risk Management and Insurance) at the Quinlan School of Business, Loyola University in Chicago, United States; João Tovar Jalles (senior associate professor of economics) at the Lisbon School of Economics and Management, University of Lisbon in Lisboa, Portugal; and Anupam Dutta (associate professor) at the School of Accounting and Finance, University of Vaasa in Vaasa, Finland 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_nov_2025.pdf.The Asia Bond Monitor November 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 MONITORNOVEMBER 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 978-92-9277-539-1 (print); 978-92-9277-540-7 (PDF); 978-92-927