交易商协会：发行人及承销机构不得事先约定债券发行利率

Core Viewpoint - The China Interbank Market Dealers Association issued a notice on June 16 to strengthen the norms for issuance and underwriting in the interbank bond market, emphasizing market-oriented principles and fair treatment of all investors [1][2]. Group 1: Issuance and Underwriting Regulations - Issuers and underwriting institutions must conduct issuance and underwriting according to market principles, ensuring fair treatment of all investors and prohibiting pre-agreed bond issuance rates [1]. - Underwriting institutions are prohibited from distorting market prices through "rebates" and must not engage in improper benefits through practices like holding bonds on behalf of others [1]. - Lead underwriters must protect investors' legitimate rights and cannot use underwriting as a means to attract clients [1]. Group 2: Balance Underwriting and Pricing - Balance underwriting must be conducted with fair pricing and compliance with procedures, adhering to the interest rates disclosed in issuance documents [1]. - Balance underwriting should not crowd out effective subscription sizes from investors, and the balance underwriting rate must not be lower than the upper limit of effective subscription rates [1]. Group 3: Compliance and Monitoring - Underwriting institutions are not allowed to quote below cost for underwriting fees when participating in bond project bidding [1]. - Issuers and underwriting institutions must fulfill payment obligations as per commercial agreements and cannot refuse or delay payments [1]. - Investors are prohibited from assisting issuers in "self-financing" and must not engage in insider trading, market manipulation, or other illegal activities [1]. Group 4: Self-Regulation and Enforcement - The Dealers Association will implement self-regulation in the interbank bond market, regularly monitoring issuance and underwriting activities and conducting market evaluations [2]. - Violations of self-regulatory rules and the notice will result in self-regulatory measures or penalties, and serious violations will be referred to relevant authorities for further action [2].