沪深交易所进一步优化债券购回业务

Core Viewpoint - The Shanghai Stock Exchange and Shenzhen Stock Exchange have issued notifications to optimize bond repurchase operations, aiming to enhance debt management tools, improve corporate debt structures, mitigate credit risks, and protect investors' rights [1] Group 1: Bond Repurchase Conditions - Companies can repurchase bonds through secondary market transactions to stabilize market fluctuations and boost investor confidence when certain conditions are met, such as a bond's closing price dropping by 5% compared to the closing price 20 trading days prior [4] - If multiple bonds experience significant price drops, the repurchasing entity can determine different arrangements based on trading activity and price volatility [2][4] - The repurchase must be conducted using matching transactions, click transactions, or competitive bidding [2][4] Group 2: Restrictions on Repurchase Activities - Repurchase activities are prohibited within one month prior to the bond's principal and interest payment date [3] - Additional restrictions apply during the 10 trading days before the issuer's regular reports or performance forecasts, and during significant events affecting the issuer's debt restructuring or repayment capacity [5]