银行间交易商协会：禁止“返费”扭曲市场价格

Core Viewpoint - The interbank bond market is facing increased regulatory scrutiny to address issues such as low underwriting fees, improper practices, and conflicts of interest among market participants [1][3][4] Group 1: Regulatory Measures - The interbank trading association has issued a notification to strengthen the norms for bond issuance and underwriting, emphasizing market-based principles and fair treatment of all investors [1] - Issuers and underwriters are prohibited from pre-agreeing on bond issuance rates and using methods like "rebates" to distort market prices [1] - Underwriters must ensure that balance underwriting rates are fair and comply with the disclosed issuance documents, and cannot occupy the subscription scale of effective investors [1] Group 2: Compliance and Disciplinary Actions - Recent disciplinary actions have been taken against firms like China International Capital Corporation for violating regulations during debt financing tool underwriting [3] - The Chengdu Qingbaijiang State-owned Assets Investment and Operation Co. was also warned for providing financial assistance to investors, leading to misrepresentation of actual interest rates [3] - The trading association is enhancing the evaluation of underwriter qualifications, introducing a new D grade for underwriters with poor performance [4] Group 3: Market Evaluation - The trading association has released the market evaluation results for main underwriters for the first time after revising the evaluation rules, highlighting the performance of 72 main underwriters [4] - Three local banks, including Jiangxi Bank, Jilin Bank, and Dongguan Rural Commercial Bank, were rated D due to previous violations in bond investment and underwriting [4]