债券受托业务“转舵”主动信用管理，多家券商已开展试点

Core Insights - The Shanghai Stock Exchange (SSE) has released a guideline to promote proactive credit management by trustees in the bond market, emphasizing the importance of credit throughout the bond lifecycle [1][3] - The guideline aims to transform the role of trustees from compliance overseers to value discoverers, encouraging tailored proactive credit management based on the credit characteristics of different issuers [3][5] Group 1: Market Activity - Since 2025, the corporate bond market on the SSE has been active, with an issuance scale of nearly 4.5 trillion yuan, representing a 20% year-on-year increase [2] - The outstanding scale of corporate bonds on the SSE reached nearly 14 trillion yuan by the end of November 2025, driven by the active primary market [2] Group 2: Proactive Credit Management - Proactive credit management is essential for maintaining long-term credit relationships and optimizing the "credit curve" during the bond's lifespan [2][3] - The SSE's guideline provides a roadmap for proactive credit management, detailing processes from monitoring to implementation and incentives [3][5] Group 3: Implementation and Case Studies - Several pilot brokers have begun implementing proactive credit management, leading to improved credit ratings and reduced financing costs for issuers [5][6] - Examples include Huatai United's collaboration with a guarantor to enhance an issuer's credit and Everbright Securities' efforts to address discrepancies in bond pricing through improved communication and valuation [5][6] Group 4: Organizational Structure and Mechanisms - Different brokers have varying organizational structures for their trustee teams, impacting their credit management processes [6] - Effective implementation of proactive credit management requires a comprehensive mechanism that includes initiation, decision-making, coordination, and incentives [6]