Zheng Quan Shi Bao·2025-04-28 22:11Core Viewpoint - Securities firms are increasingly engaging in the underwriting of non-financial corporate debt financing tools in the interbank bond market, with several firms obtaining independent underwriting qualifications and successfully executing their first deals [1][2]. Group 1: Independent Underwriting Qualifications - Multiple securities firms, including Dongwu Securities and Changcheng Securities, have been approved to independently underwrite non-financial corporate debt financing tools [2][3]. - As of March, Dongwu Securities received approval from the China Interbank Market Dealers Association to conduct independent underwriting [2]. - Changcheng Securities announced its qualification for independent underwriting and has initiated 107 projects, issuing 70 bonds in 2024 [2]. Group 2: Conditions for Independent Underwriting - Non-financial corporate debt financing tools are securities issued by non-financial enterprises in the interbank bond market, with various types including short-term financing bonds and medium-term notes [3]. - Underwriting firms are categorized into underwriters, general underwriters, and independent underwriters, with increasing qualification requirements [3]. - A well-known securities firm was warned for conducting underwriting activities without the necessary qualifications [3]. Group 3: Successful First Deals - Several securities firms have successfully executed their first deals in the independent underwriting space, including Chengtong Securities and Huazhong Securities [4][5]. - Chengtong Securities participated in the successful issuance of super short-term financing bonds for Overseas Chinese Town Group, marking its entry into the interbank market [5]. - Changcheng Securities successfully issued its first independent medium-term note, indicating a significant breakthrough in its debt financing tool capabilities [6].