本报记者 田鹏 8月15日，记者从业内获悉，首批4单续发行的公司债券已于近日在深圳证券交易所（以下简称"深交所"）落地。据悉，深 交所曾于7月18日发布《关于试点公司债券续发行和资产支持证券扩募业务有关事项的通知》（以下简称《通知》），正式启 动公司债券续发行试点工作。 续发行通过优化融资流程、强化市场联动，为发行人提供了更加灵活高效的融资工具，为投资者创造了更具流动性的交易 环境。值得注意的是，《证券日报》记者了解到，目前还有多家企业正积极筹备公司债券续发行，预计将在未来几个月逐步落 地。 深交所相关负责人表示，续发行机制的推出是丰富债券发行方式、增强发行人融资灵活性的重要举措，通过优化发行机 制、整合存量债券资源、扩大单券规模，可实现二级市场流动性提升，深化市场价格发现功能。后续，深交所将持续推动更多 发行人运用续发行机制，合理规划债券发行安排，高效满足融资需求。 业内积极参与 公司债券续发行态势良好 为了规范深交所公司债券续发行和资产支持证券扩募业务活动，满足市场主体合理融资需求，进一步提升债券市场流动 性，《通知》围绕发行机制优化、做市机制衔接、投资者权益保护三大目标，对公司债券续发工作作出系统性安排 ...

记者了解到，已有多家企业正积极筹备公司债券续发行，预计将在未来几个月逐步落地。 据了解，《通知》围绕发行机制优化、做市机制衔接、投资者权益保护三大目标，在以下方面作出系统 性安排： 一是发行更为便捷、高效。发行人可使用存量有效批文参与续发行，无需重复申请证券代码，显著减少 发行准备工作，缩短发行周期，首批续发行公司债券从提交发行申请至披露发行文件平均用时2个交易 日，从完成发行到上市挂牌平均用时3个交易日，用时缩短近半，发行效率显著提升。 二是有效衔接做市机制。续发行债券与存量债券合并上市后，保持证券代码、票面利率等核心要素一 致，符合要求的可纳入基准做市范围，目前首批4单续发行债券均符合信用债基准做市券纳入标准。截 至目前，深市信用基准做市券已达242只(含企业债)，债券余额超3800亿元，做市商持续做市服务有助 于提升基准券价格发现及流动性水平。 三是强化投资者权益保护。明确续发行可能导致重大权益变化时，需召开债券持有人会议审议，信息披 露充分揭示风险，同时要求发行人严格按约定使用募集资金，强化事中事后监管。对于附有增信机制的 债券，要求发行人提前完成增信安排变更并经中介机构核查，确保投资者权益不受影响。 ...

Core Viewpoint - The Shenzhen Stock Exchange (SZSE) has initiated a pilot program for the issuance of company bonds and the expansion of asset-backed securities to enhance market liquidity and meet reasonable financing needs of market participants [1][2]. Group 1: Pilot Program Details - The pilot program includes the issuance of additional company bonds and the expansion of asset-backed securities, allowing issuers to merge new issuances with existing bonds listed on the SZSE [1]. - The notification outlines thirteen articles that provide clear guidance on the processes involved in the issuance, including definitions, material preparation, issuance and listing procedures, intermediary responsibilities, and market-making mechanisms [1]. Group 2: Rights and Obligations - After the merger of listings, the terms related to principal repayment, interest payments, and investor rights protection will generally remain unchanged for existing bondholders [2]. - Issuers must ensure that both original and new bondholders enjoy equal rights and fulfill obligations as per the offering documents and related agreements [2]. Group 3: Issuance Process - Issuers can use valid public or private offering registration documents to apply for issuance registration with the SZSE for participating in the additional issuance [2]. - If there are significant changes to the credit enhancement mechanisms or debt repayment guarantees, issuers must convene a bondholder meeting to discuss the additional issuance before applying for registration [3]. Group 4: Information Disclosure and Compliance - The basic information of the newly issued bonds must align with that of the existing bonds, including security codes, interest rates, and maturity dates [4]. - Issuers and underwriters are required to submit offering documents before the issuance and must adhere to information disclosure obligations as per the SZSE's business rules [4][5].

Core Viewpoint - Central state-owned enterprises are preparing for the renewal issuance of existing corporate bonds, which is expected to gradually materialize in the near future [2] Group 1: Renewal Issuance Details - CITIC Securities and China Merchants Securities have completed the first batch of corporate bond renewal issuance trials, with renewal issuance scales of 2 billion and 1.5 billion respectively, resulting in total bond sizes of 4 billion and 4.2 billion [2] - The renewal issuance mechanism is typically used by high-quality issuers to enhance the issuance scale of individual bonds, thereby improving secondary market liquidity and valuation stability [2][3] - The Shanghai Stock Exchange (SSE) officially launched the corporate bond renewal issuance on May 21, with a notification outlining the process [3] Group 2: Mechanism and Process - The renewal issuance allows existing corporate bond issuers to issue additional bonds at a set price, merging them with existing bonds for trading, while maintaining original repayment and investor protection arrangements [3] - Issuers can either apply for new issuance or use existing valid approvals for the renewal process, with the overall issuance process remaining largely unchanged [3] - Bonds that meet the criteria for benchmark market-making after renewal can be included in the credit bond benchmark market-making range, enhancing liquidity and investor recognition [3] Group 3: Market Development Initiatives - The SSE is promoting bond market development with a focus on "interaction between primary and secondary markets, and coordination of investment and financing" [4] - The SSE has introduced various innovative mechanisms, including bond market-making and linked issuance and underwriting, to enhance the pricing and financing functions of the primary market [4] - Currently, there are over 240 credit benchmark market-making bonds on the SSE, with a total issuance scale of approximately 750 billion [4]

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].

Core Viewpoint - The Shanghai Stock Exchange has officially launched a pilot program for the issuance of company bonds and asset-backed securities, aiming to enhance market liquidity and promote high-quality development in the bond market [1] Group 1: Issuance Mechanism - The issuance of company bonds refers to the incremental issuance of existing listed company bonds, which will be combined with existing bonds for trading, maintaining original repayment and interest arrangements [2] - The notification optimizes the issuance and listing materials and processes for company bonds, ensuring investor rights protection and information disclosure [2][3] - Issuers can use existing valid approvals for the issuance process, and the overall process remains largely unchanged, simplifying certain steps [2] Group 2: Market Response and Implementation - Leading securities firms like CITIC Securities and China Merchants Securities have successfully completed the first batch of bond renewals, with issuance sizes of 20 billion and 15 billion respectively, demonstrating strong market acceptance [4] - The renewal mechanism is expected to enhance liquidity and stability in the secondary market, with several quality state-owned enterprises preparing for their bond renewals [4][5] Group 3: Benefits and Strategic Implications - The renewal mechanism allows issuers to better control issuance scale and timing, facilitating efficient financing and reducing costs [5][6] - Historical experience suggests that a well-structured renewal arrangement can extend the issuance cycle and enhance market activity, benefiting both issuers and investors [6] - The mechanism is anticipated to improve the liquidity and recognition of bonds, contributing to a positive interaction between primary and secondary markets [7]

Core Viewpoint - The recent issuance of company bonds by CITIC Securities and China Merchants Securities marks a significant advancement in optimizing financing structures through bond renewals, injecting new vitality and possibilities into the bond market [1] Group 1: Issuer Perspective - The company bond renewal mechanism significantly enhances financing efficiency and reduces issuance costs. The simplified issuance process allows issuers to apply for issuance record using existing public offering registration documents, greatly shortening the issuance cycle [2] - By expanding the scale of incremental issuance, fixed costs can be diluted, leading to a notable decrease in unit financing costs. Successful renewals help issuers establish a good reputation and a stable financing channel [2] - In a declining interest rate environment, issuers can replace or supplement existing debt with low-interest bonds through renewals, optimizing overall debt cost structure [2] Group 2: Market Perspective - The company bond renewal mechanism enhances price discovery and market liquidity. Incremental issuance is anchored to the secondary market prices of existing bonds, leading to more market-aligned pricing [3] - High liquidity bonds attract a diverse range of investors, including hedge funds and high-frequency traders, enriching the investor structure and creating a positive feedback loop [3] - The inclusion of renewed bonds in the benchmark market-making category will enhance market maker quotation enthusiasm, reduce bid-ask spreads, and improve trading efficiency and transparency [3] Group 3: Overall Impact - The company bond renewal mechanism effectively reduces financing costs for issuers, significantly enhances secondary market liquidity, and transitions the credit bond market from "incremental expansion" to "stock optimization" [4] - This mechanism injects new momentum into financial market development and provides more stable and efficient financing support for the real economy [4]

Core Viewpoint - The Shanghai Stock Exchange has issued a notice regarding the pilot program for the continuation of corporate bond issuance and the expansion of asset-backed securities, effective immediately upon release [1] Group 1: Corporate Bond Issuance - The notice defines corporate bond continuation as the incremental issuance by existing issuers of listed corporate bonds, which will be combined with the existing bonds for listing [1] - Issuers must ensure that both original and new bondholders enjoy equal rights and fulfill obligations as per the offering documents and related agreements [1] Group 2: Asset-Backed Securities - The notice describes the expansion of asset-backed securities as the issuance of additional securities by managers of existing real estate asset-backed securities, which will also be combined for listing [1] - The expansion does not involve the establishment of new asset-backed special plans [1] - After the combined listing, the terms related to principal repayment, interest payment, and investor rights protection will generally remain unchanged [1]