重申“不得低于成本报价”！债券发行“反内卷”

Core Viewpoint - The China Interbank Market Dealers Association has issued a notice to regulate the bond issuance and underwriting process, addressing issues such as distorted pricing and non-market-based issuance practices [1][2]. Group 1: Regulatory Actions - The notice emphasizes that lead underwriters must establish internal management systems for underwriting quotes, ensuring that they do not participate in bidding with quotes below cost [1][2]. - The association has initiated self-discipline investigations into six institutions, including China Galaxy Securities and GF Securities, due to abnormal pricing in a bond project, highlighting the need to maintain fair competition in the bond market [2]. Group 2: Market Trends - The ongoing regulatory efforts to curb irrational low-price competition in the bond underwriting market align with the broader trend of "anti-involution" in the financial industry, aiming to guide the market towards rational and sustainable development [3]. - Major banks, including ICBC and GF Bank, have publicly committed to resisting "involution" competition and adhering to long-term operational principles, reflecting a shift in industry focus towards stability and risk management [3].