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By Hao Zhou (chinadaily.com.cn)
Updated: 2007-07-26 15:27

The Shanghai Stock Exchange (SSE) revised its bond trading regulations again and implemented the changes yesterday, as an effort to support the development of enterprise bonds and get prepared for the upcoming corporate bonds.

The rule made some changes on declaration of enterprise bonds and treasury bonds, and expanded the definition of bonds, reserving the possibility of introducing new bond types. In addition, terms of treasury bond repurchase also apply to enterprise bonds, according to the revised rule.

Since SSE started enterprise bond repurchase at the end of 2002, it has witnessed a trading boom. However, due to surging risks between 2004 and 2005, the exchange suspended repurchase of newly issued enterprise bonds after September 2004.

To minimize risks in bond repurchase, SSE requires that all the newly issued enterprise bonds must be highly credible. Specifically, the issuers must be institutes or businesses directly under the supervision of the central government, and otherwise the bonds must be unconditionally assured by State-owned banks.