上交所发布公司债券受托管理指南 信用管理理念贯穿债券产品全周期

Core Viewpoint - The Shanghai Stock Exchange (SSE) has released a guideline aimed at enhancing the proactive credit management role of trustees in corporate bond management, emphasizing the importance of credit throughout the bond lifecycle [2][3]. Group 1: Guideline Overview - The SSE's guideline integrates credit management into the entire lifecycle of bond products, highlighting that credit is essential for corporate bonds [2]. - It encourages trustees to shift from passive compliance to active credit management, detailing the roles of brokers in credit monitoring, information disclosure, and holder meetings [3][5]. Group 2: Importance of Proactive Credit Management - The guideline supports the idea that establishing a credit foundation is crucial for ongoing financing, as most bond issuers are continuous financing entities [3]. - Proactive credit management is essential for accurately reflecting, repairing, and enhancing credit during the bond's lifecycle, optimizing the long-term credit curve [3][5]. Group 3: Implementation and Case Studies - The SSE has initiated pilot programs for proactive credit management, with several brokers already implementing successful case studies that have improved issuer credit and reduced financing costs [5][6]. - For instance, Huatai United helped a bond issuer improve its credit rating by connecting them with suitable guarantee institutions, thereby enhancing investor interest [5]. Group 4: Market Activity and Future Directions - Since 2025, the SSE's corporate bond market has been active, with issuance reaching nearly 4.5 trillion yuan, a 20% increase year-on-year [7]. - The SSE aims to further enhance the quality of trustee management services and encourage brokers to develop tailored strategies, promoting a win-win situation in the bond market [7].