700元“地板价”之后，交易商协会再发文反内卷：债券承销报价不得低于成本

Core Viewpoint - The recent notification from the Trading Dealers Association aims to regulate the low-price competition in the bond underwriting sector, addressing issues such as distorted pricing and non-market-based issuance practices, effective from August 11, 2025 [1][2]. Summary by Relevant Sections Regulation of Underwriting Practices - The notification outlines five key areas for regulating debt financing in the interbank bond market, including underwriting price management, subscription requirements, pricing mechanisms, information disclosure, and distribution management [1]. - It emphasizes that main underwriters must establish internal management systems for pricing and cannot participate in bidding with quotes below cost [1][2]. Changes in Underwriter Selection - The notification specifies that issuers can only appoint a limited number of underwriters based on the issuance scale, with a maximum of two for amounts below 20 billion, three for amounts between 20 billion and 50 billion, and four for amounts above 50 billion [2]. - This change is expected to significantly impact smaller brokerages, as previously there were no restrictions on the number of underwriters for smaller issuances [2]. Impact on Market Dynamics - The notification aims to curb the ongoing low-price competition, which has been a persistent issue in the bond underwriting sector, with previous attempts to regulate this behavior [4]. - The recent case involving Guangfa Bank highlighted the extreme low fees in the market, with some underwriters quoting as low as 0.000002% for their services, prompting self-regulatory investigations [5][6]. Enforcement and Compliance - The notification includes provisions for strengthening the reporting and regulatory framework for violations in the bond issuance process, including complaints about pricing interference and low-cost bidding [3][4]. - The Trading Dealers Association has indicated that it will also investigate issuers involved in price manipulation, marking a shift from solely penalizing underwriters to holding issuers accountable as well [6].