剑指债市发行“价格战”乱象，交易商协会新规要求承销报价规范再升级

Core Viewpoint - The interbank bond market in China has been experiencing irrational price wars among underwriters, leading to extremely low underwriting fees that disrupt market order. The China Interbank Market Dealers Association has issued new regulations to strengthen self-discipline in underwriting fee management [1][5]. Group 1: Market Conditions - Since last year, there has been a severe "involution" in the interbank bond market, with underwriters willing to accept losses to secure deals, resulting in frequent occurrences of "bargain prices" and "floor prices" [1]. - On July 17, a report highlighted that the underwriting fees for a 350 billion yuan bond project were as low as 700 yuan, with several major underwriters being investigated for abnormal pricing [3][4]. Group 2: Regulatory Actions - The China Interbank Market Dealers Association previously issued a notice on June 16 to address issues related to low underwriting fees and other unethical practices, emphasizing that underwriters should not quote fees below cost [4][5]. - On August 7, a new notice reiterated the need for underwriters to establish internal management systems for pricing and to ensure that underwriting costs cover all necessary expenses, including personnel, travel, and operational costs [5][6]. Group 3: Compliance and Reporting - Underwriters are required to report their underwriting costs to the association within ten working days after the annual financial report is disclosed, with specific guidelines on what costs should be included [5]. - The new regulations also encourage issuers to maintain fair competition and to set reasonable evaluation criteria for selecting underwriters, while increasing the penalties for violations of these self-discipline rules [5][6].