金融“反内卷”，不得低于成本报价！

Core Viewpoint - The recent regulatory notice from the China Interbank Market Dealers Association aims to address issues of distorted pricing, non-market-based issuance, and human intervention in the bond underwriting process, emphasizing the prohibition of below-cost bidding in bond underwriting [1][4]. Group 1: Regulatory Changes - The notice reiterates that underwriters must not quote fees below their costs when participating in bond project bidding, establishing a requirement for internal management systems to assess project costs and set reasonable quotes [3][4]. - This is the second notice issued within a month regarding low-price underwriting practices, highlighting ongoing concerns in the market [5]. Group 2: Market Practices - The notice specifies that issuers and underwriters should adhere to market principles when determining the pricing range for bond issuance, ensuring that the rates reflect comparable bond yields or fair market prices [7]. - It also limits the number of underwriters based on the issuance scale, with specific caps on the number of underwriters allowed for different bond types and issuance sizes [7]. Group 3: Compliance and Reporting - The association will establish a complaint and reporting mechanism to address violations of laws and self-regulatory rules during the underwriting process, including interference in pricing and below-cost quotes [8].