银行间市场交易商协会发文 规范银行间债券市场发行承销

Core Viewpoint - The notice issued by the Interbank Market Dealers Association emphasizes the need for standardized practices in the issuance and underwriting of bonds, ensuring fair treatment of all investors and preventing market distortion [1] Group 1: Issuer and Underwriter Responsibilities - Issuers and underwriters must conduct issuance and underwriting based on market principles, treating all investors fairly and avoiding pre-agreed bond issuance rates [1] - Underwriters are prohibited from distorting market prices through methods such as "kickbacks" and must not engage in practices like holding bonds on behalf of others to gain improper benefits [1] - Main underwriters are required to protect investors' legal rights and must not use underwriting as a means to attract clients through disguised practices [1] Group 2: Underwriting Practices - Underwriters must ensure that balance underwriting is conducted with fair pricing and compliance with procedures, determining balance underwriting rates strictly according to the disclosed issuance documents [1] - Balance underwriting should not crowd out the subscription scale of effective investors, and the balance underwriting rate must not be lower than the upper limit of the effective subscription rate [1] - Underwriters are not allowed to quote underwriting fees below cost when participating in bond project bidding [1] Group 3: Compliance and Ethical Standards - Issuers and underwriters are obligated to fulfill payment obligations as per commercial agreements and should not refuse or delay payments [1] - Investors are prohibited from assisting issuers in "self-financing," engaging in insider trading, market manipulation, or other illegal activities [1] - Underwriters investing in bonds must ensure a separation between bond issuance and investment operations to prevent conflicts of interest and moral hazards [1]