债券受托业务“转舵”主动信用管理，多家券商已开展试点

Core Viewpoint - The Shanghai Stock Exchange (SSE) is actively guiding trustees to enhance proactive credit management functions, emphasizing the importance of credit throughout the lifecycle of corporate bonds [3][4]. Group 1: Introduction of Guidelines - The SSE released the "Guidelines for Corporate Bond Trusteeship Management" on December 24, which integrates credit management concepts into the entire lifecycle of bond products [3]. - The guidelines encourage proactive credit management and detail the roles of brokers in credit monitoring, information disclosure, and holder meetings [3][6]. Group 2: Market Activity and Credit Management - Since 2025, the corporate bond market has seen an active issuance scale of nearly 4.5 trillion yuan, a 20% year-on-year increase [6]. - The market has also seen significant growth in specific bond categories, such as high-growth industry bonds and support bonds for small and micro enterprises, with increases of over 60% and 800% respectively [6]. - The importance of maintaining a credit foundation for ongoing refinancing has been highlighted, as most bond issuers are continuous financing entities [6]. Group 3: Role of Trustees - Traditionally, the bond market has favored underwriting over trusteeship, with trustees often executing passive roles [7]. - The new guidelines aim to transform trustees from compliance overseers to value discoverers, allowing them to tailor proactive credit management strategies based on the credit characteristics of different issuers [7][9]. Group 4: Implementation and Case Studies - Several brokers have begun implementing proactive credit management, leading to improved credit ratings and reduced financing costs for issuers [9]. - For example, Huatai United helped an issuer with weak credit by connecting them with suitable guarantee institutions, while Everbright Securities addressed valuation discrepancies affecting liquidity [9][10]. Group 5: Organizational Structure and Mechanisms - Brokers have varying organizational structures for their trustee teams, which can affect the implementation of proactive credit management [10]. - Effective execution of proactive credit management requires a comprehensive mechanism that includes initiation, decision-making, coordination, division of labor, and incentives [11].