交易商协会发布债券估值指引 专家称有利于促进市场多元化发展

Core Viewpoint - The release of the "Self-Regulatory Guidelines for Bond Valuation Business in the Interbank Bond Market (Trial)" is expected to promote the diversified development of the bond valuation market and improve the self-regulatory management chain in the interbank market [1][2] Group 1: Guidelines Overview - The guidelines aim to enhance self-regulatory management and promote healthy market development [1] - They emphasize that bond valuation should reflect fair value objectively and maintain the interests of investors [1] - The guidelines encourage the development of multiple valuation sources to foster healthy competition in the bond valuation market [1] Group 2: Impact on Private Enterprises - The guidelines are expected to create a more favorable financing environment for private enterprises by ensuring the fairness of valuation results [2] - They require valuation compilation to consider both secondary and primary market prices, which can help reduce the price gap between the two markets for private enterprise bonds [2] - Increased transparency in valuation processes is anticipated, allowing private enterprises to better understand and communicate with investors, potentially leading to more reasonable financing costs [2] Group 3: Market Dynamics - The guidelines promote the use of diversified valuations, especially during market volatility, to balance irrational valuation fluctuations [2] - This approach is expected to enhance the attractiveness of private enterprise bonds to secondary market investors, thereby improving their liquidity [2] - Private enterprises are encouraged to deepen their understanding of bond valuation and engage in proactive communication with investors to revitalize the private enterprise bond market [2]