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债券承销反内卷进行时,700元“地板价”乱象遭整肃
第一财经·2025-08-01 06:28

Core Viewpoint - The article discusses the recent regulatory changes in China's interbank bond market aimed at addressing issues related to low-price underwriting and market distortions, emphasizing the need for self-regulation and proper pricing mechanisms in bond issuance [3][5][12]. Group 1: Regulatory Changes - On July 30, the China Interbank Market Dealers Association issued a notification to strengthen self-regulation in the bond market, addressing issues like distorted pricing and non-market-based issuance [3][5]. - The notification requires lead underwriters to establish internal management systems for pricing and prohibits bidding below cost for bond projects [6][12]. - The notification also emphasizes market-based pricing principles and the need for fair treatment of all investors during bond issuance [14][15]. Group 2: Low-Price Underwriting Issues - There has been a growing trend of low-price underwriting in the bond market, driven by underwriters' pursuit of scale and market share, particularly in the context of declining issuance rates and fees [3][8]. - A recent case involving Guangfa Bank's issuance of 350 billion yuan in subordinated debt highlighted the issue, with winning underwriters charging as low as 700 yuan, raising concerns about covering basic costs [7][9]. - The article notes that this is not an isolated incident, as similar low-price underwriting practices have been observed in other financial institutions, indicating a broader trend in the market [10]. Group 3: Self-Regulation and Monitoring - The notification outlines measures for monitoring and evaluating bond issuance practices, with the association set to impose self-regulatory measures on violators [15]. - It also encourages complaints and reports regarding violations of laws and self-regulatory rules, aiming to enhance transparency and accountability in the bond issuance process [15].