债券承销反内卷

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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
第一财经· 2025-08-08 08:28
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].
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
Di Yi Cai Jing· 2025-08-07 15:01
Core Viewpoint - The recent notification from the China Interbank Market Dealers Association aims to strengthen self-regulation in bond underwriting pricing, addressing the issue of low-price underwriting practices that have emerged in the market [1][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 [1]. - It emphasizes that the cost calculation should encompass all branches and business functions, based on actual expenditures from the previous year [1][3]. Group 2: Market Practices and Issues - The notification follows a case involving Guangfa Bank, where six institutions won a bid for a total of 350 billion yuan in secondary capital bonds, with an average underwriting fee of only 63448 yuan, translating to an average fee rate of just 0.02 ‱ [2]. - The practice of low-price underwriting has been prevalent, with some institutions quoting fees as low as 700 yuan, which is insufficient to cover basic operational costs [2]. Group 3: Compliance and Reporting Requirements - Lead underwriters are required to submit their underwriting cost data to the association within ten working days after the annual financial report disclosure, with specific deadlines for 2024 data set for August 31, 2025 [3]. - The notification mandates that issuers set reasonable evaluation criteria for selecting lead underwriters, considering their professional competence and market reputation, and prohibits interference in the pricing decisions of underwriters [3].
金融“反内卷”,不得低于成本报价!
Jin Rong Shi Bao· 2025-08-04 12:22
Core Viewpoint - The recent regulatory notice from the China Interbank Market Dealers Association aims to address issues of distorted pricing, non-market-based issuance, and human intervention in the bond underwriting process, emphasizing the prohibition of below-cost bidding in bond underwriting [1][4]. Group 1: Regulatory Changes - The notice reiterates that underwriters must not quote fees below their costs when participating in bond project bidding, establishing a requirement for internal management systems to assess project costs and set reasonable quotes [3][4]. - This is the second notice issued within a month regarding low-price underwriting practices, highlighting ongoing concerns in the market [5]. Group 2: Market Practices - The notice specifies that issuers and underwriters should adhere to market principles when determining the pricing range for bond issuance, ensuring that the rates reflect comparable bond yields or fair market prices [7]. - It also limits the number of underwriters based on the issuance scale, with specific caps on the number of underwriters allowed for different bond types and issuance sizes [7]. Group 3: Compliance and Reporting - The association will establish a complaint and reporting mechanism to address violations of laws and self-regulatory rules during the underwriting process, including interference in pricing and below-cost quotes [8].
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].
债券承销反内卷进行时,700元“地板价”乱象遭整肃
Di Yi Cai Jing· 2025-07-31 13:22
Core Viewpoint - The recent regulatory measures aim to address the increasing trend of low-cost underwriting in the interbank bond market, which has led to distorted pricing and non-market-based issuance practices [1][2][3] Group 1: Regulatory Changes - The China Interbank Market Dealers Association issued a new notification on July 30 to strengthen self-regulation in the bond underwriting process, focusing on issues like pricing distortion and interference in the issuance process [1][2] - The notification requires lead underwriters to establish internal management systems for pricing and prohibits bidding below cost for bond projects [2][6] Group 2: Investigation and Cases - The association has initiated self-regulatory investigations into six lead underwriters involved in the low-cost underwriting of Guangfa Bank's capital bonds, which raised concerns in the market [2][3] - Guangfa Bank's recent bond issuance of 35 billion yuan had an average underwriting fee of only 63448 yuan, translating to an average fee rate of 0.02 basis points, which is significantly below cost [3][4] Group 3: Market Dynamics - The trend of low-cost underwriting is exacerbated by the decline in issuance rates and the reduction of high-fee projects, particularly in the real estate and local government financing sectors [5][6] - The competitive nature of the market has led underwriters to prioritize scale over profitability, often resulting in fees that do not cover basic operational costs [4][5] Group 4: Compliance and Reporting - The notification emphasizes the need for market-based pricing and prohibits practices that distort market prices, such as pre-agreed interest rates and improper benefits [8][9] - The association will monitor compliance and handle complaints regarding violations of self-regulatory rules, with potential penalties for non-compliance [9]