Core Viewpoint - The China Interbank Market Dealers Association has initiated a self-discipline investigation into six lead underwriters for the 2025-2026 secondary capital bond project of GF Bank, suspecting the issuer of price manipulation [1][3][4] Group 1: Investigation and Regulatory Actions - The association found that GF Bank may have engaged in price guidance during the bond issuance process, prompting further verification [4][6] - The six lead underwriters involved include China Galaxy Securities, GF Securities, Industrial Bank, Guotai Junan Securities, CITIC Securities, and CITIC Construction Investment [3][4] - The association plans to strengthen regulations on issuer behavior and impose strict penalties on those found violating self-discipline rules [3][4] Group 2: Market Dynamics and Implications - The incident reflects a broader shift in the competitive landscape of the bond market, highlighting the need for a balanced game within regulatory frameworks [4][7] - The discussion surrounding the low underwriting fee of 700 yuan has raised concerns about the credit pricing mechanism and market dynamics [5][6] - The association's earlier notice emphasized the importance of fair treatment for all investors and the prohibition of practices that distort market prices [5][6] Group 3: Future Considerations and Industry Evolution - The 700 yuan fee is seen as a potential turning point for rationalizing credit pricing and underwriting practices in the bond market [5][6] - The industry faces challenges in balancing the interests of issuers, underwriters, and investors, which may lead to unconventional pricing strategies [7][8] - The ongoing self-discipline investigation aims to prevent the industry from deviating from its intended path and to promote transparency and compliance [6][8]