债市“反内卷”遏制低价竞争承销新规紧抓成本“牛鼻子”

Core Viewpoint - The China Interbank Market Dealers Association has introduced new underwriting pricing regulations to prohibit lead underwriters from participating in bond project bidding with fees below cost, aiming to address long-standing issues of vicious low-price competition in the market, particularly in the financial bond sector [2][3][7]. Summary by Relevant Sections Regulatory Changes - The new regulations require lead underwriters to refrain from bidding below cost and to regularly report detailed underwriting cost data [3][7]. - Six main measures have been established, including the creation of internal pricing management systems, reasonable cost calculations covering the entire process, and stricter penalties for low-price competition [3][4]. Market Context - The recent low-price bidding incident involving Guangfa Bank's secondary capital bond underwriting has triggered these regulatory changes, highlighting the prevalence of below-cost bidding in the market [5][6]. - The bidding results showed that some institutions quoted service fees as low as 700 yuan for a project worth 35 billion yuan, indicating a fee rate of only 0.000002% [5][6]. Industry Impact - Industry insiders view the new regulations as a critical action against "involution" in the bond underwriting market, aiming to restore a rational pricing mechanism and improve service quality [4][7]. - The regulations are expected to create a "three-way check" system among issuers, underwriters, and regulatory bodies, enhancing market discipline [3][6]. Future Outlook - While the new rules signal a positive step towards curbing below-cost competition, the effectiveness of these measures remains to be seen, especially given the complex market dynamics and the large scale of financial bonds [7][8]. - The industry currently lacks precise cost measurement methods, relying more on estimations based on previous years' data, indicating that establishing a scientifically sound cost benchmark will require further efforts [8].