上交所，新动作！交易所市场首个债券受托管理指南发布

Core Viewpoint - The Shanghai Stock Exchange has released the first specialized guideline for bond trustee management, aiming to enhance proactive credit management by trustees throughout the bond product lifecycle, emphasizing the importance of credit as the lifeline of corporate bonds [1][3]. Group 1: Guideline Overview - The guideline provides a roadmap for proactive credit management, detailing processes from monitoring to implementation and incentives, and introduces market-based tools for trustees to enhance issuer credit [3][4]. - The guideline encourages a shift in the role of trustees from compliance oversight to value discovery, allowing them to actively manage credit risks and improve issuer creditworthiness [5][7]. Group 2: Market Context and Trends - Since 2025, the corporate bond market has seen significant activity, with issuance reaching nearly 4.5 trillion yuan, a 20% year-on-year increase, and innovative bond types like high-growth industry bonds and technology innovation bonds gaining traction [6]. - The total outstanding bonds in the Shanghai Stock Exchange's corporate bond market approached 14 trillion yuan by the end of November 2025, establishing it as one of the largest exchange bond markets globally [6]. Group 3: Case Studies and Practical Applications - Examples of proactive credit management include Huatai United's collaboration with guarantee institutions to enhance issuer credit and Everbright Securities' efforts to address discrepancies in bond pricing to improve liquidity and investor confidence [4][6]. - The guideline supports the establishment of internal business mechanisms within brokerages to adapt to different organizational structures, enhancing the effectiveness of proactive credit management initiatives [9][10].