交易商协会：债券承销机构不得以“返费”等手段扭曲市场价格

Core Viewpoint - The notice issued by the trading association aims to regulate market order and enhance self-discipline in the interbank bond market, addressing issues such as low underwriting fees, low underwriting, syndicate investments, and interest transfer [1] Group 1: Market Regulation - Issuers and underwriting institutions (including lead underwriters and underwriters) are required to conduct issuance and underwriting based on market principles, treating all investors fairly [1] - It is prohibited to pre-agree on bond issuance interest rates or distort market prices through methods such as "rebates" [1] - Underwriting institutions are not allowed to quote underwriting fees below cost when participating in bond project bidding [1] Group 2: Payment Obligations - Issuers and underwriting institutions must fulfill payment obligations according to commercial agreements and are not allowed to refuse payment or delay fees [1]