Core Viewpoint - The recent notice issued by the Shanghai, Shenzhen, and Beijing Stock Exchanges aims to optimize and standardize the bond repurchase business, enhancing debt management tools and mitigating credit risks associated with corporate bonds while protecting investors' rights [1][2]. Group 1: Bond Repurchase Business - The notice defines bond repurchase as the act of repurchasing outstanding corporate bonds listed on the exchanges through offers or secondary market transactions using cash [1]. - The repurchase can involve the issuer and its affiliates, as well as third parties that meet the exchanges' criteria [1]. - The notice emphasizes that all participants in the repurchase business must adhere to principles of equality, voluntariness, fairness, and reasonableness, ensuring accurate and complete information [1][2]. Group 2: Offer and Market Transactions - For offer repurchases, the notice stipulates that the terms must comply with existing credit risk management guidelines from the respective exchanges [2]. - In secondary market transactions, if the trading price of corporate bonds drops by 5% compared to the closing price from 20 trading days prior, the repurchaser may conduct transactions to stabilize market fluctuations [2]. - The notice provides detailed regulations regarding the rights of bondholders, periods during which the repurchaser is prohibited from conducting business, and the responsibilities of trustees [2][3].

新华财经北京9月19日电上交所、深交所19日相继在官网发布《关于进一步优化债券购回业务有关事项 的通知》，丰富债务管理工具，促进通过市场化、法治化、多元化方式优化公司债务结构、化解公司债 券信用风险，保护投资者合法权益。 深交所优化公司债券购回业务有关事项通知如下。 公司债券交易价格出现下列情形之一的，购回方为平抑市场波动、提振市场信心，可以通过二级市场交 易方式购回相关债券： 多只公司债券同时出现前款规定情形的，购回方可以结合相关债券交易活跃度、债券价格波动程度等情 况，在公平合理的基础上，确定交易购回的不同安排。 标的债券还本付息日前的1个月内，购回方不得开展交易购回。 上交所关于进一步优化债券购回业务有关事项的通知如下。 （二）债券收盘价较最近一年债券最高收盘价跌幅达到10%； （三）债券收盘价低于债券面值5%以上； （四）购回方有合理理由认为债券价格偏离合理估值的其他情形。 公司债券交易价格出现下列情形之一的，购回方为平抑市场波动、提振市场信心，可以通过二级市场交 易方式购回相关债券：（一）债券收盘价较此前第20个交易日当日收盘价跌幅达到5%； 多只公司债券同时出现前款规定情形的，购回方可以结合相关债 ...