承销报价须覆盖差旅费等业务支出！交易商协会细化债市反内卷要求

Core Viewpoint - The recent notification from the China Interbank Market Dealers Association aims to strengthen self-regulation in bond underwriting pricing, addressing the issue of low-price underwriting practices that have emerged in the market [1][2]. Group 1: Notification Details - The notification specifies that lead underwriters must accurately and reasonably calculate underwriting costs, covering all business process inputs and necessary expenses, including labor, travel, operational costs, and system development [1]. - It emphasizes that the cost calculation should encompass all branches and business functions, based on actual expenditures from the previous year [1][3]. Group 2: Market Practices and Issues - The notification follows a case involving Guangfa Bank, where six institutions won a bid for a total of 350 billion yuan in secondary capital bonds, with an average underwriting fee of only 63448 yuan, translating to an average fee rate of just 0.02 ‱ [2]. - The practice of low-price underwriting has been prevalent, with some institutions quoting fees as low as 700 yuan, which is insufficient to cover basic operational costs [2]. Group 3: Compliance and Reporting Requirements - Lead underwriters are required to submit their underwriting cost data to the association within ten working days after the annual financial report disclosure, with specific deadlines for 2024 data set for August 31, 2025 [3]. - The notification mandates that issuers set reasonable evaluation criteria for selecting lead underwriters, considering their professional competence and market reputation, and prohibits interference in the pricing decisions of underwriters [3].