提升债券发行承销规范 促进银行间高质量发展

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 and unfair competition to promote healthy market development [1][2][4]. Group 1: Market Issues and Responses - The interbank bond market has faced intensified competition leading to problems like low-price underwriting, which distorts market prices and undermines fair competition [2][3]. - The notice aims to address these issues by establishing self-regulatory measures to enhance market discipline and improve the resilience and pricing capabilities of the bond market [2][4]. Group 2: Specific Prohibitions and Measures - The notice outlines seven key measures focusing on issues such as low-price underwriting, return fees, and self-financing practices, emphasizing the need for transparency and standardization in the issuance and underwriting process [3][4]. - It specifies the prohibition of self-financing and return fees, reflecting the evolving nature of these violations in recent years [3]. Group 3: Implications for Market Development - The implementation of the notice is expected to promote standardized practices in underwriting, maintain normal competitive order, and enhance the overall ecosystem of the bond issuance process [4]. - By reinforcing self-regulatory norms and clarifying the responsibilities of market participants, the notice aims to solidify the foundation for sustainable market development [4]. - The measures are designed to facilitate a more scientifically reasonable pricing mechanism, guiding resources to key areas and supporting the high-quality development of the real economy [4].