年内上交所公司债券发行规模近4.5万亿元 同比增长20%

Core Viewpoint - The Shanghai Stock Exchange (SSE) is actively guiding trustees to enhance their proactive credit management functions, emphasizing the importance of credit throughout the entire lifecycle of corporate bonds with the release of the "Guidelines for Corporate Bond Trusteeship" [1][4]. Group 1: Market Activity and Growth - Since 2025, the corporate bond market on the SSE has seen active issuance, with a total issuance scale of nearly 4.5 trillion yuan, representing a year-on-year growth of 20% [2]. - The market has introduced innovative bond varieties, including 88 high-growth industry bonds and a more than 60% year-on-year increase in sci-tech bonds, alongside an 800% increase in support bonds for small and micro enterprises [2]. - As of November 2025, the outstanding scale of corporate bonds on the SSE reached nearly 14 trillion yuan, making it one of the largest exchange bond markets globally [2]. Group 2: Role of Trustees in Credit Management - The unique role of trustees in the bond market involves monitoring credit changes, ensuring information disclosure, and verifying the use of raised funds, making them essential in optimizing the "credit curve" [3]. - Historically, there has been a tendency to prioritize underwriting over trusteeship, but the new guidelines encourage trustees to take a more active role in credit management, transitioning from mere compliance to value discovery [3][4]. Group 3: Implementation of Proactive Credit Management - The guidelines provide a roadmap for proactive credit management, detailing processes from monitoring to implementation and incentives, equipping trustees with tools and case studies [4]. - Initiatives have already begun, with pilot programs allowing several brokerage firms to implement proactive credit management practices, resulting in improved credit ratings and reduced financing costs for issuers [4][5]. Group 4: Mechanism and Organizational Structure - The SSE emphasizes the importance of long-term mechanisms to support proactive credit management, encouraging brokerages to develop internal business structures that suit their specific needs [6][7]. - Different brokerages have varied organizational structures for their trustee teams, with some located in investment banking departments and others in quality control departments, leading to differences in operational mechanisms [7]. Group 5: Incentives and Future Directions - Effective incentives are crucial for the success of proactive credit management, with some brokerages considering performance-based rewards linked to the completion and effectiveness of credit management tasks [8]. - The SSE plans to further enhance the quality and efficiency of trustee management services, encouraging brokerages to find development paths that align with their unique circumstances, while also promoting a market-oriented approach to support the bond market [8].