低至700元！债券承销费再现“白菜价”

Core Viewpoint - The announcement by the China Interbank Market Dealers Association regarding the low underwriting fees for bond issuance has sparked market attention and initiated a self-regulatory investigation into the practices of the involved institutions [1][3]. Group 1: Underwriting Fees and Market Reactions - The underwriting fees for the bond issuance by Guangfa Bank were reported as low as 700 RMB, raising concerns about the sustainability of such pricing in the market [1][2]. - Previous instances of low underwriting fees have been noted, including a case in September 2022 where fees ranged from 0.000046% to 0.0002%, which was also considered unusually low [2]. - The low fees have led to discussions on social media, highlighting the potential implications for the industry and the ability of firms to cover costs [1][2]. Group 2: Regulatory Response - The Dealers Association has expressed ongoing concern about the phenomenon of low-price competition in the bond underwriting sector, prompting them to issue a notification aimed at strengthening the norms for bond issuance and underwriting [3][4]. - Specific requirements were outlined for issuers and underwriters, including the need to conduct business based on market principles and to avoid practices that distort market prices [4]. - The Association emphasized the importance of maintaining investor rights and ensuring that underwriting fees do not fall below cost, as well as the need for transparency in the bidding process [4][5].