今日视点：金融机构承销业务竞争应跳出“费率”围城

Core Viewpoint - The recent issuance of a 35 billion yuan secondary capital bond has highlighted the issue of extremely low underwriting fees in the bond underwriting market, prompting the China Interbank Market Dealers Association to initiate a self-regulatory investigation into the matter [1][2]. Group 1: Reasons for Low Pricing Competition - The focus on underwriting volume and rankings leads institutions to engage in "price-for-volume" strategies, resulting in a vicious cycle of low pricing competition [2]. - Many issuers adopt "lowest price wins" evaluation criteria, which undervalue service quality and risk management, encouraging underwriters to sacrifice profit margins for business access [2]. - The increasing size of the bond market has led to a singular focus on bond underwriting as a critical cash flow business, pushing institutions to compete even at a loss, exacerbating low pricing competition [2]. Group 2: Long-term Consequences of Low Pricing - Low underwriting fees can lead to a reduction in necessary resources for due diligence, compliance, and risk assessment, potentially increasing the risk of bond defaults and harming investor interests [3]. - Aggressive pricing strategies may undermine the survival of compliant institutions, while some may resort to gray market practices, damaging the competitive environment in the financial industry [3]. - The core value of underwriters in facilitating effective capital allocation diminishes when the underwriting process becomes merely transactional, reducing their ability to filter risks and discover value [3]. - A focus on price wars and homogenized competition can hinder innovation in product development, affecting the financial industry's ability to lead in areas like green bonds and ESG derivatives [3]. Group 3: Recommendations for Improvement - The value of financial intermediaries should not be measured solely by fee rates but by their ability to manage risks, ensure compliance, and guide capital allocation effectively [4]. - Breaking the cycle of low pricing in bond underwriting requires collaboration among regulators, issuers, and other stakeholders to shift the focus from "who quotes lower" to "who creates more value" [4]. - A renewed emphasis on quality and compliance in competition can help restore the fundamental purpose of bond underwriting services and promote the long-term healthy development of the bond market [4].