交易所市场首个债券受托业务专项指南在上交所发布 信用管理理念贯穿全周期

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] Group 1: Guidelines Overview - The guidelines integrate the concept of credit management into the entire lifecycle of bond products, highlighting that credit is the lifeblood of corporate bonds [1] - A dedicated chapter encourages and supports proactive credit management, signaling a shift in the role of trustees and bringing new dynamics to the industry [1] - The guidelines provide a roadmap for proactive credit management, detailing monitoring, initiation, implementation, and incentives, along with a toolbox and case studies [1] Group 2: Industry Impact - Since the second half of 2024, the SSE has been promoting pilot programs for proactive credit management among brokers, with several pilot brokers successfully implementing these practices [1] - Issuers have improved their credit ratings and reduced financing costs, while investors have seen their rights protected and received stable returns [1] - The trustee management teams have leveraged their professional advantages, enhancing the quality and efficiency of bond business, thus fostering a positive feedback loop in the industry [1]