引导受托管理人发挥主动信用管理功能 上交所发布公司债券受托管理指南

Core Viewpoint - The Shanghai Stock Exchange (SSE) has released the "Guidelines for the Management of Corporate Bonds" to enhance proactive credit management by trustees, emphasizing the importance of credit throughout the bond lifecycle and encouraging a shift in the role of trustees [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 20% year-on-year increase [2]. - The market has introduced innovative bond types, including 88 high-growth industry bonds and a more than 60% 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: Importance of Proactive Credit Management - The management of bonds during their lifecycle is crucial, with a focus on accurately reflecting, repairing, and enhancing credit to optimize the long-term "credit curve" [2][3]. - Trustees play a key role in monitoring credit changes, ensuring information disclosure, and verifying the use of raised funds, thus connecting issuers and holders [3]. Group 3: Implementation of the Guidelines - The newly released guidelines provide a roadmap for proactive credit management, detailing processes from monitoring to implementation and incentives [4]. - The SSE has initiated pilot programs encouraging brokers to adopt proactive credit management, resulting in improved issuer credit and reduced financing costs [4][8]. Group 4: Organizational Structure and Mechanisms - Different brokers have varying organizational structures for their trustee teams, impacting their credit management processes [7]. - Effective incentives for proactive credit management are crucial, with some brokers considering performance-based rewards linked to the success of credit management initiatives [7]. Group 5: Future Directions - The SSE aims to further enhance the quality and efficiency of trustee management services, encouraging brokers to develop tailored strategies [8]. - Regulatory support will be directed towards brokers demonstrating significant proactive credit management results and issuers with strong credit levels, promoting a win-win scenario in the bond market [8].