《关于进一步优化绿色及转型债券相关机制的通知》点评：绿色及转型债券存续期信息披露要求进一步强化，注册发行效率或将提高
Minmetals Securities·2024-10-17 08:03

Investment Rating - The investment rating for the non-bank financial industry is "Positive" [1] Core Viewpoints - The release of the "Notice on Further Optimizing the Mechanism Related to Green and Transition Bonds" aims to enhance the efficiency of registration and issuance of green bonds, with specific measures for information disclosure and a "green channel" for registration [2][3][6] - The notice emphasizes the importance of information disclosure during the bond's duration, requiring lead underwriters to conduct due diligence on the use of raised funds and to report on the environmental benefits of projects [3][7] - The notice encourages the development of transition bonds by broadening the range of issuers and the purposes for which funds can be raised, supporting enterprises with transition needs beyond traditional industries [3][11] - Additional measures are introduced to stimulate the activity of state-owned and private enterprises in issuing green and transition bonds, including credit enhancement mechanisms [3][12] Summary by Sections Industry Performance - The non-bank financial sector has shown a performance trend with a significant increase of 21% from October 2023 to October 2024, outperforming the Shanghai Composite Index and CSI 300 [1] Regulatory Developments - The "Notice" includes 20 optimization measures aimed at improving the management of green and transition bonds, focusing on information disclosure and fund allocation [6][7] - Specific measures include tiered information disclosure requirements for different categories of enterprises, enhancing the transparency of fund usage [7][9] Market Impact - The notice is expected to facilitate the issuance of green bonds by clarifying the requirements for lead underwriters and enhancing the monitoring of fund usage [3][7] - The introduction of sustainable development-linked bonds (SLBs) with adjustable interest rate terms is anticipated to encourage issuers to meet their sustainability targets [9][11]