央行主管媒体：金融“反内卷”，不得低于成本报价！

Core Viewpoint - The recent notice from the China Interbank Market Dealers Association aims to regulate the bond underwriting market by addressing issues such as distorted pricing, non-market-based issuance, and interference in the underwriting process, emphasizing that underwriting fees must not be quoted below cost [1][4][5]. Group 1: Regulatory Measures - The notice reiterates that underwriters must not quote fees below cost, requiring main underwriters to establish internal management systems for pricing and to assess project costs comprehensively [5][6]. - This is the second notice issued within a month regarding low underwriting fees, indicating a growing concern over practices such as low-price underwriting and potential collusion among market participants [6][7]. - The association has initiated self-regulatory investigations into firms that engaged in low-cost bidding, highlighting the need for stricter compliance and accountability [6][9]. Group 2: Pricing Mechanism and Underwriter Selection - The notice mandates that issuers and main underwriters adhere to market principles when determining pricing ranges, ensuring that these ranges reflect comparable bond rates or fair market prices [8]. - It limits the number of underwriters based on the issuance scale, allowing a maximum of two underwriters for short-term and ultra-short-term notes, three for issues between 2 billion and 5 billion, and four for issues above 5 billion [8]. - The notice also emphasizes the importance of maintaining a balance between underwriting and investor participation, ensuring that underwriting does not crowd out legitimate market demand [8]. Group 3: Complaint and Integrity Mechanism - The association plans to establish a complaint and integrity public disclosure mechanism to address violations of laws and self-regulatory rules during the issuance process [9]. - Complaints regarding interference in pricing, low-cost bidding, and other unethical practices will be documented and made public, promoting transparency and accountability in the bond market [9].