债券承销报价设置成本红线

Core Viewpoint - The recent regulatory notice from the China Interbank Market Dealers Association aims to address issues in the bond underwriting market, particularly focusing on the prohibition of below-cost bidding practices and ensuring a more market-oriented pricing mechanism [1][2]. Group 1: Regulatory Changes - The notice emphasizes that main underwriters in the interbank bond market must establish internal management systems for pricing, ensuring that bids do not fall below cost [2][4]. - This is the second notice issued within a month addressing the low-cost underwriting phenomenon, indicating a strong regulatory stance against such practices [2][3]. Group 2: Market Practices - A recent case involving a bank's selection of underwriters for its 2025-2026 capital bond issuance raised concerns, as the estimated underwriting fees were significantly low, prompting self-regulatory investigations [3][4]. - The association has found evidence of issuers potentially guiding pricing, which will lead to stricter regulations and penalties for such behaviors [3][4]. Group 3: Pricing and Bidding Mechanisms - The notice encourages early submission of subscription requests by investors and mandates that underwriters maintain clear records of the subscription process [4][5]. - It outlines a pricing mechanism that requires underwriters to determine interest rates based on comparable bond rates or market fair prices, ensuring a more transparent and fair pricing process [4][5]. Group 4: Underwriter Selection Criteria - The notice sets limits on the number of main underwriters based on the scale and type of bond issuance, with specific guidelines for different categories of bonds [5][6]. - It also establishes a framework for reporting and monitoring complaints regarding violations in the underwriting process, aiming to enhance market integrity [6].