Core Viewpoint - The China Interbank Market Dealers Association has issued a notice to strengthen self-regulation in the underwriting and pricing of bonds, emphasizing that underwriters must not quote fees below their costs [1][3] Group 1: Regulatory Changes - The notice requires lead underwriters to establish and improve internal management systems for bond underwriting pricing, ensuring that quotes do not fall below cost [1][3] - Underwriters are mandated to accurately calculate underwriting costs, covering all business process inputs and necessary expenses, including labor, travel, operational, and system development costs [3] - This announcement follows previous notifications aimed at enhancing the standards for bond issuance and underwriting practices in the interbank market [3] Group 2: Market Conduct - Issuers are encouraged to maintain fair competition in the market by setting reasonable selection criteria for lead underwriters, considering their professional level and market reputation [3] - The notice also emphasizes the importance of independent and objective pricing decisions by underwriters, free from interference by issuers [3] - There will be increased efforts to handle reports of violations, allowing market participants to report instances of underwriters quoting below cost or issuers interfering with pricing [3]

Core Viewpoint - The article discusses the recent notification issued by the Interbank Market Dealers Association aimed at strengthening self-regulatory management of underwriting quotes in the interbank bond market, promoting high-quality development in this sector [1][3]. Group 1: Notification Details - The notification emphasizes increasing the handling of violations, allowing market participants to report instances where lead underwriters quote fees below cost or where issuers interfere with these quotes [2][3]. - It mandates that lead underwriters must not quote fees below their actual costs when participating in bond project bidding, ensuring a fair competitive environment [3][4]. - Lead underwriters are required to accurately calculate their underwriting costs, which should include all necessary business expenses such as labor, travel, operational costs, and system development [3]. Group 2: Reporting and Compliance - The notification specifies that lead underwriters must submit their underwriting cost data to the association within ten working days after the annual financial report disclosure, with a deadline for 2024 data set for August 31, 2025 [3]. - The association will conduct thorough checks and publicize any lead underwriters whose reported costs appear significantly unobjective or unfair [3]. Group 3: Investigation of Low Pricing - The association has recently initiated self-regulatory investigations into six lead underwriters for low pricing practices, highlighting the ongoing scrutiny of compliance with underwriting fee regulations [5][6]. - A specific case involving Guangfa Bank's issuance of 35 billion yuan in secondary capital bonds raised concerns when some underwriters quoted fees as low as 700 yuan, prompting further investigation into potential price manipulation by the issuer [7].

Core Viewpoint - The China Interbank Market Dealers Association has issued a notification to strengthen self-regulation in underwriting pricing in the interbank bond market, addressing concerns over low-price underwriting practices [1][2]. Group 1: Strengthening Self-Regulation - The notification outlines six key areas to enhance self-regulation in underwriting pricing, including internal management, cost measurement, data reporting, self-discipline in cost measurement, selection management of lead underwriters, and increased handling of violations [1][2]. - The association will conduct key investigations and interviews if the reported underwriting costs are deemed unobjective or unfair [1]. Group 2: Specific Requirements - Lead underwriters must establish internal management systems for underwriting pricing and cannot participate in bidding with quotes below cost [2]. - Underwriters are required to accurately and reasonably calculate underwriting costs, covering all business process inputs and necessary expenses, based on the previous year's actual expenditures [2]. - Lead underwriters must report their underwriting costs to the association within 10 working days after the annual financial report disclosure [2]. - The association will focus on verifying and publicly addressing any reported underwriting costs that appear unobjective [2]. - Issuers are encouraged to maintain fair competition and set reasonable selection criteria for lead underwriters, considering their professional level and market reputation [2]. - Market participants can report violations such as underwriters quoting below cost or issuers interfering with pricing decisions to the association [2].

Core Viewpoint - The China Interbank Market Dealers Association has issued a notice to strengthen self-discipline in underwriting pricing management in the interbank bond market, aiming to promote high-quality development in this sector [1][2]. Group 1: Strengthening Internal Management - Main underwriters are required to establish and improve internal management systems for bond underwriting pricing, ensuring that bids do not fall below cost [1]. - Underwriters must accurately and reasonably calculate underwriting costs, covering all business process inputs and necessary expenses, including personnel, travel, operational, and system development costs [1]. Group 2: Cost Reporting and Compliance - Main underwriters must report their underwriting costs to the association within 10 working days after the annual financial report disclosure, with specific requirements for different types of bonds [1]. - The association will conduct key inspections and discussions if the reported underwriting costs appear to be subjective or unfair [2]. Group 3: Fair Competition and Reporting Violations - Issuers are encouraged to maintain fair competition by setting reasonable selection criteria for main underwriters, considering their professional level and market reputation [2]. - The association will handle complaints regarding underwriters quoting below cost or issuers interfering with pricing decisions, with potential self-discipline measures for violations [2].

中国银行间市场交易商协会发布关于加强银行间债券市场承销报价自律管理的通知。 (本文来自第一财经) 其中提出，强化承销报价内部管理。主承销商应根据《关于规范银行间债券市场簿记建档发行及承销有 关工作的通知》（中市协发〔2025〕146号）等制度要求，建立、健全债券承销报价内部管理制度，不 得以低于成本的承销费报价参与债券项目竞标。合理测算承销成本。各主承销商应当真实、合理测算承 销成本，覆盖全业务流程的投入与所有应当计提的摊销，包括但不限于人力成本、差旅费、运营成本、 系统建设成本及其他必要业务支出等。成本计算范围应涵盖总分支机构及业务前中后台，并依据上一年 度实际支出进行测算。 ...