首批落地！上交所发布！

Core Viewpoint - The Shanghai Stock Exchange has officially launched the pilot program for the continuation issuance of corporate bonds, aiming to enhance the connection between primary and secondary markets, stimulate trading activity, and promote high-quality development of the bond market [1][2]. Group 1: Announcement and Objectives - The continuation issuance of corporate bonds is designed to meet the financing needs of market participants on both ends, reinforcing the linkage between primary and secondary markets [2][3]. - The notification provides clear guidance on the definition of continuation issuance, material preparation, issuance and listing processes, intermediary responsibilities, and market-making mechanisms [2][5]. Group 2: Process and Mechanism - Continuation issuance refers to the incremental issuance of existing corporate bonds listed on the Shanghai Stock Exchange, where the new bonds are combined with existing bonds for trading, maintaining the original repayment and interest arrangements [5][6]. - The notification optimizes the issuance and listing materials and processes, ensuring the protection of investors' rights and interests, especially for bonds with guarantee clauses [6][7]. Group 3: Market Response and Implementation - Leading securities firms such as CITIC Securities and China Merchants Securities have successfully completed the first batch of corporate bond continuation issuance, demonstrating market acceptance and investor enthusiasm [9][10]. - The continuation issuance mechanism is expected to enhance the liquidity and valuation stability of bonds in the secondary market, particularly benefiting high-quality issuers [10][11]. Group 4: Historical Context and Future Implications - Historical experience indicates that reasonable continuation issuance arrangements can extend the issuance cycle of individual bonds, enhance trading activity in the secondary market, and improve the issuer's yield curve stability [12]. - The Shanghai Stock Exchange is actively promoting the construction of the bond market with a focus on "primary and secondary market linkage" and "coordinated financing," having introduced various innovative mechanisms to enhance market efficiency [12].