Core Viewpoint - The interbank bond market in China has been experiencing irrational price wars among underwriters, leading to extremely low underwriting fees that disrupt market order. The China Interbank Market Dealers Association has issued new regulations to strengthen self-discipline in underwriting fee management [1][5]. Group 1: Market Conditions - Since last year, there has been a severe "involution" in the interbank bond market, with underwriters willing to accept losses to secure deals, resulting in frequent occurrences of "bargain prices" and "floor prices" [1]. - On July 17, a report highlighted that the underwriting fees for a 350 billion yuan bond project were as low as 700 yuan, with several major underwriters being investigated for abnormal pricing [3][4]. Group 2: Regulatory Actions - The China Interbank Market Dealers Association previously issued a notice on June 16 to address issues related to low underwriting fees and other unethical practices, emphasizing that underwriters should not quote fees below cost [4][5]. - On August 7, a new notice reiterated the need for underwriters to establish internal management systems for pricing and to ensure that underwriting costs cover all necessary expenses, including personnel, travel, and operational costs [5][6]. Group 3: Compliance and Reporting - Underwriters are required to report their underwriting costs to the association within ten working days after the annual financial report is disclosed, with specific guidelines on what costs should be included [5]. - The new regulations also encourage issuers to maintain fair competition and to set reasonable evaluation criteria for selecting underwriters, while increasing the penalties for violations of these self-discipline rules [5][6].

债券承销"反内卷"迎来了监管重拳出击的关键时刻。 除禁止"内卷"承销费外，《通知》对债券簿记建档申购要求和定价机制也明确相关规定。 重申"不得低于成本报价" 《通知》第一条直指债券市场承销报价问题。 具体来看，《通知》要求，银行间债券市场主承销商应建立健全承销报价内部管理制度，综合评估项目 成本、合理确定报价，不得以低于成本的承销费报价参与债券项目竞标；发行人应当按照市场化原则， 合理设置比选评分指标，不得干扰主承销商独立、客观的报价决策。 这已是一个半月内，交易商协会关于低价承销费现象第二次发文。6月16日，针对市场成员反映的低价 承销费、低价包销、拼盘投资、利益输送等问题，交易商协会发布《关于加强银行间债券市场发行承销 规范的通知》，明确"承销机构不得以低于成本的承销费率报价参与债券项目竞标"的监管要求。 就在上述通知发布的同一日，某银行披露了"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"的采购公告；7月10日，中选结果出炉，6家金融机构中标该债券项目，预估承销费分别为 700元、1050元、700元、4998元、3.5万元、2.1万元，引发市场关注；次日，交易商协会对6家主 ...

Core Viewpoint - The China Interbank Market Dealers Association has initiated a self-discipline investigation into six main underwriters due to concerns over their bidding fees for a bond issuance project by Guangfa Bank [1] Group 1: Regulatory Actions - The Dealers Association released a notice to strengthen the self-regulation of underwriting practices in the interbank bond market, particularly targeting non-compliant behaviors such as low underwriting fees and low-price underwriting [1] - The investigation is based on the self-discipline rules of the interbank bond market, which allows for disciplinary actions against institutions that violate these rules during their business operations [1] Group 2: Bond Issuance Details - Guangfa Bank announced a competitive procurement project for selecting underwriters for its 2025-2026 secondary capital bond issuance, with a total project scale of 35 billion yuan [1] - The selected underwriters include China Galaxy Securities, Guangfa Securities, Industrial Bank, Guotai Junan Securities, CITIC Construction Investment Securities, and CITIC Securities, with estimated service fees ranging from 700 yuan to 35,000 yuan [1] - The total estimated underwriting service fee for the project amounts to 63,448 yuan, with a 6% VAT applicable [1]

Core Viewpoint - The article discusses the self-regulatory investigation initiated by the Trading Association against six main underwriters due to concerns over low underwriting fees in the bond issuance project for Guangfa Bank's 2025-2026 secondary capital bonds [1][6]. Group 1: Underwriting Fee Details - The total underwriting fee for the six selected financial institutions in the Guangfa Bank bond project is RMB 63,448, with the average income for each underwriter being just over RMB 10,000 [2][5]. - The individual underwriting fees for the six institutions are as follows: China Galaxy Securities RMB 700, Guangfa Securities RMB 1,050, Industrial Bank RMB 700, Guotai Junan Securities RMB 4,998, CITIC Jinshi RMB 35,000, and CITIC Securities RMB 21,000 [5]. Group 2: Regulatory Actions - The Trading Association launched a self-regulatory investigation on July 11, following market concerns regarding the low underwriting fees, which may violate self-regulatory rules [6]. - The association's notification on June 16 emphasized the need for fair market practices, prohibiting underwriters from quoting below cost and ensuring compliance with payment obligations [6]. Group 3: Market Context - The bond underwriting market has become increasingly competitive as securities firms shift focus to bond financing due to a downturn in equity financing [7]. - As of July 11, 90 securities firms have underwritten a total of 24,844 bonds, amounting to RMB 80,435.08 billion, compared to 18,730 bonds and RMB 66,518.02 billion in the same period last year [7]. - The top ten firms in the bond underwriting ranking are all large securities firms, with the top six firms holding a combined market share of 55% [7].

Group 1 - A joint statement from 21 Arab and Islamic countries condemns Israel's attacks on Iran, emphasizing the need for respect for sovereignty and peaceful dispute resolution [2] - The U.S. President Trump announces a temporary halt on sanctions against Russia to facilitate negotiations, while Russia expresses hope that this pause will not last long [3] - A fireworks explosion in Hunan, China, results in one death, six missing, and nine injuries, with ongoing rescue efforts [4][5] Group 2 - The Central Social Work Department and the Ministry of Housing and Urban-Rural Development in China are promoting measures to address urgent issues faced by new employment groups [6][7] - Gree Titanium responds to the freezing of 1.806 billion shares, attributing it to the previous actual controller's unauthorized guarantees, while assuring that business operations remain normal [8] - OpenAI executives are discussing potential antitrust actions against Microsoft, their main supporter, regarding competitive behavior during their collaboration [15] Group 3 - GAC Aion confirms that its production and operations are normal, refuting rumors about employee stock ownership plans [12] - Huawei's executive explains the HarmonyOS, highlighting its capability to connect hardware and software, with over 1 billion devices currently connected [10][11] - The People's Bank of China plans to issue 30 billion yuan in central bank bills in Hong Kong, with 20 billion yuan maturing this month [20] Group 4 - The China Interbank Market Dealers Association issues a notice to regulate bond underwriting practices, addressing issues like low underwriting fees and market competition [21] - Trump announces a new mobile phone service under his brand, promising value for American consumers and including various support services [26][27][28] - A trade agreement between the U.S. and the U.K. includes quotas on car imports and tariffs on steel and aluminum, aiming to strengthen supply chains in aerospace [29]