银行间市场交易商协会发自律通知 债券承销报价“畸低”将被核查和约谈

Core Viewpoint - The China Interbank Market Dealers Association has issued a notification to strengthen self-regulation in underwriting pricing in the interbank bond market, addressing concerns over low-price underwriting practices [1][2]. Group 1: Strengthening Self-Regulation - The notification outlines six key areas to enhance self-regulation in underwriting pricing, including internal management, cost measurement, data reporting, self-discipline in cost measurement, selection management of lead underwriters, and increased handling of violations [1][2]. - The association will conduct key investigations and interviews if the reported underwriting costs are deemed unobjective or unfair [1]. Group 2: Specific Requirements - Lead underwriters must establish internal management systems for underwriting pricing and cannot participate in bidding with quotes below cost [2]. - Underwriters are required to accurately and reasonably calculate underwriting costs, covering all business process inputs and necessary expenses, based on the previous year's actual expenditures [2]. - Lead underwriters must report their underwriting costs to the association within 10 working days after the annual financial report disclosure [2]. - The association will focus on verifying and publicly addressing any reported underwriting costs that appear unobjective [2]. - Issuers are encouraged to maintain fair competition and set reasonable selection criteria for lead underwriters, considering their professional level and market reputation [2]. - Market participants can report violations such as underwriters quoting below cost or issuers interfering with pricing decisions to the association [2].