Core Viewpoint - The announcement by the China Interbank Market Dealers Association regarding the low underwriting fees for bond issuance has raised significant market concerns, prompting a self-regulatory investigation into the involved institutions [1][2]. Group 1: Low Underwriting Fees - The underwriting fees for the recent bond issuance by Guangfa Bank were alarmingly low, with some institutions, such as China Galaxy and Industrial Bank, quoting fees as low as 700 RMB [1][2]. - This is not an isolated incident; previous bond issuances have also seen similarly low fees, with rates dropping below 0.0002% in past cases, leading to market astonishment [2]. Group 2: Regulatory Response - The Dealers Association has expressed ongoing concern over the phenomenon of low-price competition in the bond underwriting sector, which includes issues like low underwriting fees and potential market price distortion [3][4]. - Specific requirements have been set forth by the Association to ensure fair practices, including the prohibition of pre-agreed bond issuance rates and the necessity for underwriters to avoid quoting below cost [4]. Group 3: Self-Regulatory Measures - The Association will implement self-regulatory management and regularly monitor the bond issuance and underwriting business, with potential disciplinary actions for violations of self-regulatory rules [5]. - Violations that breach legal or administrative regulations will be referred to relevant authorities, and such incidents will be recorded in integrity archives for public disclosure [5].

21世纪经济报道记者李览青 上海报道 7月11日，债券承销市场被"700元"低价服务费刷屏。 广发银行在7月10日公开发布的2025-2026年度二级资本债券发行服务机构（主承销商）选聘采购项目中选结果公示显示，该项 目通过采购选定最高不超过6家中选供应商，由其为采购人提供2025-2026年二级资本债券承销服务。 | 中选单位名称 | 中选含税预估服务费 (人民币,元) | | --- | --- | | 中国银河证券股份有限公司 | 700. 00 | | 广发证券股份有限公司 | 1.050.00 | | 关业银行股份有限公司 | 700. 00 | | 国泰海通证券股份有限公司 | 4.998.00 | | 中信建投证券股份有限公司 | 35.000.00 | | 中信证券股份有限公司 | 21.000.00 | | 公示期:3天 | | | 采购人:广发银行股份有限公司 | | | 现将被项目中选结果予以公示,如有异议请按照相关法律,法规规定,在公示期间向采购人提出, | | | 联系人:知经理 | | | 电话:020-38323463 | | | 邮箱: zhengyingqiao@cgbchi ...