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债市承销报价自律管理加强,要求真实、合理测算承销成本
Huan Qiu Wang·2025-08-08 02:35

Core Viewpoint - The China Interbank Market Dealers Association has issued a notice to strengthen self-regulation in the underwriting and pricing of bonds, emphasizing that underwriters must not quote fees below their costs [1][3] Group 1: Regulatory Changes - The notice requires lead underwriters to establish and improve internal management systems for bond underwriting pricing, ensuring that quotes do not fall below cost [1][3] - Underwriters are mandated to accurately calculate underwriting costs, covering all business process inputs and necessary expenses, including labor, travel, operational, and system development costs [3] - This announcement follows previous notifications aimed at enhancing the standards for bond issuance and underwriting practices in the interbank market [3] Group 2: Market Conduct - Issuers are encouraged to maintain fair competition in the market by setting reasonable selection criteria for lead underwriters, considering their professional level and market reputation [3] - The notice also emphasizes the importance of independent and objective pricing decisions by underwriters, free from interference by issuers [3] - There will be increased efforts to handle reports of violations, allowing market participants to report instances of underwriters quoting below cost or issuers interfering with pricing [3]