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) is actively guiding trustees to enhance proactive credit management functions, emphasizing the importance of credit throughout the lifecycle of bond products [1][3] - The newly released "Guidelines" for corporate bond trustees highlight the need for proactive credit management, encouraging a shift in the role of trustees from compliance overseers to value discoverers [3][4] Group 1: Guidelines and Implementation - The "Guidelines" introduce a comprehensive approach to credit management, detailing the responsibilities of trustees in monitoring credit changes, facilitating information disclosure, and verifying the use of raised funds [2][3] - The SSE has initiated pilot programs since the second half of 2024, with several brokerage firms already implementing proactive credit management practices [4][5] Group 2: Market Activity and Growth - The corporate bond market has seen significant activity, with nearly 4.5 trillion yuan issued since 2025, marking a 20% year-on-year increase [2] - The total outstanding bonds in the SSE's corporate bond market reached approximately 14 trillion yuan by the end of November 2025 [2] Group 3: Case Studies and Best Practices - Brokerage firms like Huatai United and Everbright Securities have successfully enhanced issuer credit quality and reduced financing costs through proactive credit management strategies [5][6] - The SSE encourages a tailored approach to credit management, allowing firms to adapt their internal structures and processes to optimize their credit management efforts [6][7]