承销报价须覆盖差旅费等业务支出！交易商协会细化债市反内卷要求

Core Viewpoint - The article discusses the recent notification issued by the China Interbank Market Dealers Association aimed at strengthening self-regulation in the bond underwriting market, particularly addressing the issue of "internal competition" among underwriters [2]. Group 1: Notification Details - The notification specifies that lead underwriters must accurately and reasonably calculate underwriting costs, covering all business process inputs and necessary expenses, including labor, travel, operational costs, and system development [2]. - It emphasizes that the cost calculation should encompass all branches and business functions, based on actual expenditures from the previous year [2]. Group 2: Issues in the Market - The article highlights a case involving Guangfa Bank, where six institutions won a bid for a total of 35 billion yuan in subordinated debt underwriting services with a total service fee of only 63,448 yuan, averaging just over 10,000 yuan per institution, resulting in an average underwriting fee rate of only 0.02 ‱ [3]. - The low bid of 700 yuan by some institutions raised concerns about covering basic costs, indicating a prevalent issue of underpricing in the market [3]. Group 3: Internal Management and Reporting - The notification requires lead underwriters to establish internal management systems for underwriting quotes and prohibits bidding below cost [4]. - Lead underwriters must report their underwriting costs to the association within ten working days after the annual financial report disclosure, with specific deadlines for 2024 data to be submitted by August 31, 2025 [4]. Group 4: Compliance and Enforcement - The association will conduct key inspections and interviews for any reported discrepancies in underwriting costs and will publicly disclose findings [5]. - There will be increased efforts to handle violations, including complaints against underwriters quoting below cost or interference from issuers in the pricing process [5].