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, marking the first specialized guidelines for bond trustee management in the exchange market [1] Group 1: Guidelines Overview - The guidelines integrate the concept of credit management throughout the entire lifecycle of bond products, encouraging proactive credit management efforts and transforming the role of trustees [1] - A roadmap for proactive credit management is provided, detailing monitoring, initiation, implementation, and incentives, along with a toolbox and case studies [1] - Trustees can utilize market-based tools such as bond buybacks and resale, and engage with credit enhancement entities, rating agencies, and valuation institutions to improve issuer credit [1] Group 2: Implementation and Impact - Since the second half of 2024, the SSE has initiated pilot programs encouraging brokers to implement proactive credit management, with several cases already being executed [2] - Issuers have improved their credit ratings and reduced financing costs, while investors have benefited from protected rights and stable returns [2] - The SSE plans to further enhance the quality and efficiency of trustee management services, promoting a tailored development path for brokers and rewarding those with significant proactive credit management results [2]