债券承销反内卷进行时，700元“地板价”乱象遭整肃

Core Viewpoint - The recent regulatory measures aim to address the increasing trend of low-cost underwriting in the interbank bond market, which has led to distorted pricing and non-market-based issuance practices [1][2][3] Group 1: Regulatory Changes - The China Interbank Market Dealers Association issued a new notification on July 30 to strengthen self-regulation in the bond underwriting process, focusing on issues like pricing distortion and interference in the issuance process [1][2] - The notification requires lead underwriters to establish internal management systems for pricing and prohibits bidding below cost for bond projects [2][6] Group 2: Investigation and Cases - The association has initiated self-regulatory investigations into six lead underwriters involved in the low-cost underwriting of Guangfa Bank's capital bonds, which raised concerns in the market [2][3] - Guangfa Bank's recent bond issuance of 35 billion yuan had an average underwriting fee of only 63448 yuan, translating to an average fee rate of 0.02 basis points, which is significantly below cost [3][4] Group 3: Market Dynamics - The trend of low-cost underwriting is exacerbated by the decline in issuance rates and the reduction of high-fee projects, particularly in the real estate and local government financing sectors [5][6] - The competitive nature of the market has led underwriters to prioritize scale over profitability, often resulting in fees that do not cover basic operational costs [4][5] Group 4: Compliance and Reporting - The notification emphasizes the need for market-based pricing and prohibits practices that distort market prices, such as pre-agreed interest rates and improper benefits [8][9] - The association will monitor compliance and handle complaints regarding violations of self-regulatory rules, with potential penalties for non-compliance [9]