经济观察报·2025-07-13 07:27Core Viewpoint - The article discusses the low underwriting fees for bond issuance by Guangfa Bank, raising concerns about "price-cutting" competition among underwriters in the bond market [1][2][25]. Group 1: Bond Issuance and Underwriting Fees - Guangfa Bank has not disclosed plans for the issuance scale of its 2025-2026 secondary capital bonds, but it issued two tranches totaling 26 billion yuan in 2024 [1][15]. - The underwriting fee for the bond issuance was reported to be as low as 700 yuan, which is considered a "floor price" in the industry [1][15]. - The underwriting service fee for the six selected underwriters totaled only 63,448 yuan, with a tax rate of 6% [5]. Group 2: Industry Response and Investigations - The China Securities Association has initiated a self-regulatory investigation into six main underwriters due to concerns over the low fees associated with Guangfa Bank's bond project [3][25]. - The association's investigation may impact the results of the recent bidding process for the bond underwriting [7]. - Previous instances of low pricing in bond underwriting have drawn regulatory scrutiny, indicating a pattern of "price-cutting" competition in the industry [21][22]. Group 3: Market Competition and Trends - The bond underwriting market is highly competitive, with leading firms dominating the rankings based on total underwriting amounts and numbers [20][21]. - The article highlights that the current trend of "price-cutting" among underwriters is a response to the fierce competition for market share [19][21]. - Regulatory bodies have previously issued guidelines to curb unreasonably low underwriting fees, emphasizing the need for fair competition in the market [24].