金融机构承销业务竞争应跳出“费率”围城

Core Viewpoint - The recent issuance of a 35 billion yuan secondary capital bond has highlighted the issue of extremely low underwriting fees in the bond underwriting market, prompting the China Interbank Market Dealers Association to initiate a self-regulatory investigation into the matter [1] Group 1: Underwriting Fee Issues - The total underwriting service fee for the six selected underwriters was only 63,448 yuan, averaging around 10,000 yuan per institution, indicating a "floor price" for bond underwriting [1] - The association's announcement on July 11 emphasized that if any parties violate self-regulatory rules during business operations, they will face self-regulatory actions [1] Group 2: Causes of Low Price Competition - Three main reasons for the low-price competition in bond underwriting are identified: 1. Institutions are focusing on "price for volume," where larger institutions dominate the market and engage in low-fee bidding to increase their underwriting scale and market ranking [2] 2. The evaluation criteria for bidding often prioritize price over service quality and risk management, encouraging underwriters to sacrifice reasonable profit margins [2] 3. Many institutions have a singular business structure, making bond underwriting a critical cash flow business, leading them to participate in low-margin bidding to maintain market share [2] Group 3: Long-term Consequences - While low-price competition may provide short-term market share, it risks long-term damage to the underwriting process, including: 1. Insufficient resource allocation for due diligence and risk assessment, potentially leading to increased bond defaults and harming investor interests [3] 2. The survival of compliant institutions is threatened, while aggressive bidders may resort to gray market practices, undermining healthy competition [3] 3. The core value of underwriters in facilitating effective capital allocation diminishes, as the process becomes a mere "channel" service [3] 4. A focus on price wars hampers innovation in product development, affecting the industry's ability to lead in areas like green bonds and ESG derivatives [3] Group 4: Recommendations for Improvement - To break the low-price competition cycle, a collaborative approach involving regulators and issuers is necessary, shifting the market focus from "who bids lower" to "who creates more value" [4] - This shift would help financial intermediaries escape the fee-centric mindset and rebuild a competitive landscape centered on quality and compliance, promoting the long-term health of the bond market [4]