Core Viewpoint - The bond underwriting market has been stirred by a "700 yuan" service fee bid, leading to widespread market attention and subsequent self-regulatory investigations by the interbank market trading association [1][2]. Group 1: Market Reactions - On July 10, 2023, Guangfa Bank announced the selection results for the underwriting service providers for its 2025-2026 secondary capital bond issuance, with six firms selected, including China Galaxy Securities and Industrial Bank, both quoting a remarkably low fee of 700 yuan [1][2]. - The announcement triggered discussions in the market, prompting the trading association to initiate a self-regulatory investigation into the six selected underwriters on the evening of July 11, 2023 [2]. Group 2: Regulatory Framework - In June 2023, the trading association issued a notice to strengthen the self-regulatory management of bond issuance and underwriting, emphasizing the need for market-based principles and fair treatment of all investors [3]. - The notice prohibits underwriters from quoting below cost and mandates that underwriting fees must be fair and compliant with established procedures [3][4]. Group 3: Enforcement Actions - The trading association has increased scrutiny on non-market-based bond issuance practices, with 88 self-regulatory penalties issued in 2024, affecting 47 institutions and 41 individuals [5]. - The association is focused on serious violations in the bond issuance process, including structured issuance and interest rate manipulation, and is actively monitoring and enforcing compliance [5][6].

| 广发银行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 | | 发布时间: 2025年07月10日 | | 项目名称: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 | | 项目编号:CGB-HO-2025-092 | | 采购内容:通过采购选定最高不超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 | | 采购方式:竞争性磋商 | | 中选单位名称:中国银河证券股份有限公司、广发证券股份有限公司、兴业银行股份有限公司、国泰海通证券股份有限公司、中信建投证券 | | 股份有限公司、中信证券股份有限公司 | | 承销服务费总额:人民币63,48元,提供税率6%的增值税专用发票。 | | 公示期:3天 | | 采购人:广发银行股份有限公司 | | 现将该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,联系方式如下: | | 联系人:郑经理 | | 电话:020-38323463 | | 邮箱:zhengyingqiao@cgbchina.com.cn | 截图来源：广 ...