Zheng Quan Shi Bao·2025-07-12 05:23Core Viewpoint - The bond underwriting market has been stirred by a "700 yuan" service fee bid, leading to widespread market attention and subsequent self-regulatory investigations by the interbank market trading association [1][2]. Group 1: Market Reactions - On July 10, 2023, Guangfa Bank announced the selection results for the underwriting service providers for its 2025-2026 secondary capital bond issuance, with six firms selected, including China Galaxy Securities and Industrial Bank, both quoting a remarkably low fee of 700 yuan [1][2]. - The announcement triggered discussions in the market, prompting the trading association to initiate a self-regulatory investigation into the six selected underwriters on the evening of July 11, 2023 [2]. Group 2: Regulatory Framework - In June 2023, the trading association issued a notice to strengthen the self-regulatory management of bond issuance and underwriting, emphasizing the need for market-based principles and fair treatment of all investors [3]. - The notice prohibits underwriters from quoting below cost and mandates that underwriting fees must be fair and compliant with established procedures [3][4]. Group 3: Enforcement Actions - The trading association has increased scrutiny on non-market-based bond issuance practices, with 88 self-regulatory penalties issued in 2024, affecting 47 institutions and 41 individuals [5]. - The association is focused on serious violations in the bond issuance process, including structured issuance and interest rate manipulation, and is actively monitoring and enforcing compliance [5][6].