
Group 1 - The China Interbank Market Dealers Association issued a notice on July 30, emphasizing that lead underwriters must not quote underwriting fees below cost when participating in bond project bidding [1] - This notice follows a previous directive in June aimed at strengthening the norms for bond issuance and underwriting in the interbank market, indicating a continued effort to combat "internal competition" in bond underwriting [1] - On July 11, six lead underwriters were required to initiate self-regulatory investigations due to low underwriting fee quotes, with the total service fee for a specific bond project amounting to 6,300 yuan, highlighting the issue of low-cost bidding [1] Group 2 - The primary cost for investment banks is human resources, and some lead underwriters are aggressively competing for market share, often quoting fees that do not even cover travel costs [2] - Issues such as low underwriting fees, low underwriting guarantees, and interest transmission persist in the interbank bond market, particularly concerning underwriting fees, as firms strive to win bond projects [2] - Investment banks may resort to quoting fees below cost and using underwriting guarantees as a means to attract clients, indicating a problematic trend in the industry [2]