事关14万亿元存量市场！上交所最新发布

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 [1][3]. Group 1: Guidelines and Proactive Management - The guidelines introduce a roadmap for proactive credit management, detailing processes from monitoring to implementation and incentives, providing tools and case studies for trustees [3]. - Trustees can utilize market tools such as bond buybacks and engage with credit enhancement entities to improve issuers' credit status, thereby preemptively addressing risks [3][4]. - The SSE has initiated pilot programs for proactive credit management, with several brokerage firms successfully implementing these practices, resulting in improved issuer credit and reduced financing costs [3][4]. Group 2: Market Activity and Growth - The SSE's corporate bond market has seen significant activity, with nearly 4.5 trillion yuan issued since 2025, marking a 20% year-on-year increase [5]. - The market has introduced innovative bond types, including high-growth industry bonds and support bonds for small and micro enterprises, with issuance growth rates exceeding 800% for the latter [5]. - As of November 2025, the outstanding scale of corporate bonds on the SSE reached nearly 14 trillion yuan, establishing it as one of the largest exchange bond markets globally [5]. Group 3: Role of Trustees - Trustees play a crucial role in monitoring credit changes, ensuring information disclosure, and verifying the use of raised funds, acting as a vital link between issuers and bondholders [6]. - Historically, there has been a tendency to prioritize underwriting over trustee responsibilities, but the new guidelines encourage trustees to take a more active role in credit management [6][7]. - The SSE aims to support trustees in transitioning from compliance overseers to value discoverers, tailoring proactive management strategies to the specific credit characteristics of issuers [6][7]. Group 4: Mechanism and Organizational Structure - The SSE encourages brokerage firms to develop internal mechanisms that suit their organizational structures for effective proactive credit management [7][8]. - Different brokerage firms have varied organizational setups for their trustee teams, impacting their operational mechanisms and credit enhancement strategies [8][9]. - Effective incentives for proactive credit management are crucial, with some firms considering performance-based rewards linked to the success of credit management initiatives [9][10].