【新华解读】剑指“返费”“自融”等乱象 银行间债市重申发行承销自律规范

Core Viewpoint - The regulatory body emphasizes the need to rectify and standardize the bond issuance and underwriting process in the interbank bond market, addressing issues such as low underwriting fees and price manipulation [1][2]. Group 1: Regulatory Measures - The China Interbank Market Dealers Association issued a notification to strengthen the self-regulation of bond issuance and underwriting, responding to market concerns about low-price underwriting and other irregularities [1][2]. - The notification mandates that issuers and underwriters must conduct issuance and underwriting based on market principles, ensuring fair treatment of all investors and prohibiting pre-agreed bond issuance rates [2][3]. - Underwriters are required to ensure that their underwriting practices do not compromise investor rights and must quote fair prices for balance underwriting, which should not undercut effective subscription rates [2][3]. Group 2: Market Practices - The prevalence of low-price underwriting has distorted market pricing and led to a chaotic order in bond underwriting, with a focus on business development over compliance management [2][3]. - Some underwriters engage in low-price underwriting to secure more business opportunities, particularly with high-quality issuers, which can lead to conflicts of interest [5][6]. - The association has been monitoring the bond issuance and underwriting business regularly and has implemented self-discipline measures against violators [3][6]. Group 3: Evaluation and Support - The association has introduced a comprehensive evaluation system for underwriters, assessing their market coverage, business capability, and compliance, with results categorized into grades A, B, C, and D [3][4]. - Prominent underwriters such as CITIC Securities and Industrial and Commercial Bank of China have been recognized for their outstanding capabilities in the bond issuance process [4]. - The regulatory environment is shifting towards encouraging underwriters to enhance their operational capabilities rather than merely focusing on scale [6][7].