According to incomplete statistics from reporters, the issuance scale of green financial bonds in the interbank market has exceeded 170 billion yuan since the beginning of this year. Compared with the issuance scale of about 222.5 billion yuan in 2024, the issuance scale of green financial bonds in the interbank market has significantly increased since the beginning of this year, and the issuance pace has also accelerated significantly. On this basis, the recent interbank market green finance bond coupon rates have shown a continuous downward trend. Gao Zhengyang, a special researcher at Su Shang Bank, told reporters that in the future, with the deepening of the "dual carbon" target, the demand for green industry financing will continue to be released. Coupled with the continuous strengthening of green finance policies, the participation of the banking industry in the field of green finance is expected to further increase. At the same time, the trend of loose market liquidity and downward bond interest rates will provide banks with lower cost financing channels, forming a long-term driving force for the continuous issuance of green financial bonds. On June 30, the Bank actively issued green financial bonds (Phase I) (Bond Connect) in 2025, with a scale of up to 30 billion yuan. Among them, the basic issuance scale of variety one is 25 billion yuan, which is a fixed rate bond with a term of 3 years; The basic issuance scale of Variety 2 is 5 billion yuan, which is a 3-year floating rate bond. The raised funds will be specifically used for green industry projects as specified in the "Catalogue of Green Bond Support Projects (2021 Edition)". Previously, Bank of Jiangsu's 2025 green financial bonds (Bond Connect) were successfully issued on June 26, with a scale of 5 billion yuan, a three-year term and a coupon rate as low as 1.69%. On June 24th, Postal Savings Bank of China successfully issued the first batch of green financial bonds for 2025 in the national interbank bond market, with an issuance scale of 5 billion yuan, a term of 3 years, and a coupon rate of only 1.62%. Officials from Postal Savings Bank of China stated that this bond issue is highly favored by market investors and has been actively subscribed, with a total subscription multiple of 3.31 times, and nearly 70 institutions actively participating. From the perspective of issuing institution types, the lineup of institutions participating in the issuance of "green financial bonds" this year is huge, covering various commercial banks such as Agricultural Bank of China, Bank of Communications, Postal Savings Bank of China, China Merchants Bank, Industrial Bank, Minsheng Bank, Tianjin Bank, Bohai Bank, as well as policy banks such as China Development Bank, Export Import Bank, and Agricultural Development Bank. It is worth mentioning that some banks have issued green financial bonds multiple times in just six months. Gao Zhengyang stated that the recent active issuance of green financial bonds by banks is mainly due to the dual drive of policy support and market environment. On the one hand, the proposal of the national "dual carbon" target and the continuous improvement of the green finance policy system provide clear development guidance for the banking industry, while also strengthening its responsibilities and obligations in the field of green finance. On the other hand, the low interest rate environment and rapid growth in demand for green credit provide banks with more prominent cost advantages and liquidity management space in the issuance of green financial bonds. From the perspective of impact, at the macro level, expanding the supply of green credit and focusing the funds raised on clean energy, infrastructure green upgrading and transformation are expected to support the acceleration of green transformation in the real economy. At the enterprise level, the financing interest rate for green projects is expected to further decline, reducing the financing costs for enterprises. ”Chen Li, Chief Economist of Chuancai Securities, stated in an interview with reporters. From the perspective of coupon rates, except for green financial bonds issued by policy banks, the coupon rates of green financial bonds in the market have continued to decline. For example, the 2025 Green Finance Bond (Phase I) issued by Xiamen Bank on April 17th has a coupon rate of 1.9%; The first issue of green finance bonds issued by Industrial and Commercial Bank of China on June 10, 2025 has a coupon rate of 1.7%; The first issue of green financial bonds issued by Postal Savings Bank of China in 2025 has a coupon rate of 1.62%. Gao Zhengyang stated that the continuous decline in green finance bond interest rates is mainly due to the dual impact of the downward trend in market interest rates and the decrease in comprehensive debt costs for banks. Currently, the central bank's monetary policy maintains a loose tone, with ample market liquidity driving down the overall interest rate level. At the same time, the decrease in the cost of bank liabilities, especially the reduction in deposit interest rates, gives them stronger pricing initiative in the issuance of green financial bonds. Yang Haiping, a researcher at the Shanghai Institute of Finance and Law, told reporters that there are two main reasons for the decline in green finance bond interest rates. Firstly, under the current macroeconomic policy guidance, the downward trend of bond interest rates continues. Secondly, more and more investors have increased their recognition of green financial assets, which has pushed up the subscription ratio of green financial bonds. Gao Zhengyang believes that there is still room for a downward trend in the interest rates of green finance bonds in the future. Firstly, with the current policy interest rates remaining low, coupled with a decrease in market risk appetite and an increase in demand for low-risk assets, the interest rates on green bonds will be further lowered. Secondly, with the maturity of the green finance market, the credit spread of green finance bonds may be further compressed, thereby driving down interest rates further. (New Society)