交易商协会发布债券估值业务自律指引 估值应综合考虑一二级市场价格

Core Viewpoint - The recent release of the "Self-Regulatory Guidelines for Bond Valuation Business in the Interbank Bond Market" aims to enhance self-regulation in bond valuation, ensuring that valuation reflects the fair value of bonds and protects investor interests [1][2]. Group 1: Guidelines Overview - The guidelines specify that valuation institutions must comprehensively consider both secondary and primary market prices to facilitate effective interaction between the two markets [2]. - Emphasis is placed on the necessity for bond valuations to adhere to net value requirements and objectively reflect the fair value of bonds, thereby safeguarding investor interests [2]. - The guidelines encourage the development of multiple valuation sources, promoting healthy competition in the interbank bond valuation market [2]. Group 2: Implementation and Impact - Since the People's Bank of China issued the "Management Measures for Bond Valuation Business in the Interbank Bond Market" in 2023, there has been an improvement in the operational norms of valuation institutions and the speed and scope of information disclosure [1]. - The guidelines are expected to enhance the diversified development of the bond valuation market and improve self-regulatory management in the interbank market, which could positively impact the financing environment for private enterprises [1][2].