交易商协会规范市场秩序 严抓债市发行承销

Core Viewpoint - The China Interbank Market Dealers Association has issued a notice to strengthen the regulation of bond issuance and underwriting practices in the interbank bond market, addressing issues such as low underwriting fees, price distortion, and improper benefits [1][2]. Group 1: Regulatory Measures - The notice outlines four main areas for regulating the behavior of issuers and underwriters, emphasizing market-based principles and fair treatment of all investors [2]. - Issuers and underwriters are prohibited from pre-agreeing on bond issuance rates and using "kickbacks" to distort market prices [2]. - Underwriters must ensure that underwriting fees are not quoted below cost and must fulfill payment obligations as per commercial agreements [2]. Group 2: Self-Regulation and Monitoring - The association will implement self-regulation in the interbank bond market, regularly monitoring issuance and underwriting activities, and will take disciplinary actions against violations [3]. - Violations of self-regulatory rules may lead to disciplinary measures, and serious legal violations will be referred to relevant authorities [3]. Group 3: Recent Disciplinary Actions - In 2024, the association imposed disciplinary actions on 88 instances involving 47 institutions and 41 individuals for minor violations, with ongoing investigations into several institutions suspected of non-market-based issuance [4]. - The association is particularly focused on violations in the primary issuance of bonds, including structured bond issuance and interference with issuance rates [4]. Group 4: Market Performance - As of June 16, 2024, a total of 87 commercial banks have underwritten bonds amounting to 69,897 billion yuan, with a significant increase in both the amount and number of bonds underwritten compared to the previous year [6][7]. - The underwriting amount has increased by approximately 8,868 billion yuan, representing a growth of 14.53%, while the number of bonds underwritten has risen by 4,249, marking a 29.19% increase [7]. - Major state-owned banks dominate the market, with China Bank leading at 7,224 billion yuan in underwriting, followed by Industrial and Commercial Bank and China Construction Bank [7]. Group 5: Impact of Regulatory Evaluation - Regulatory evaluations will directly affect banks' underwriting qualifications and market shares, with institutions rated D for two consecutive years facing disqualification from business [8].