新华财经北京11月5日电中国银行间市场交易商协会5日发布四则自律处分信息，涉及上海腾稳实业发展 有限公司（以下简称"上海腾稳"）、金堂县兴金开发建设投资有限责任公司（以下简称"兴金开发"）、 相驭管理咨询（上海）有限公司（以下简称"相驭咨询"）、成都东进淮州新城投资集团有限公司（以下 简称"淮投集团"）等四家主体。 据交易商协会披露，上海腾稳协助某债务融资工具发行人间接认购自身发行的债务融资工具，同时存在 不配合自律调查的情况。根据银行间债券市场相关自律规定，经自律处分会议审议，对上海腾稳予以警 告。 兴金开发作为债务融资工具发行人，以非市场化方式发行及交易自己的债券。一是2021年9月安排有关 机构认购自己发行的一期债务融资工具，并向其提供财务资助，后续又安排其他机构买入该期债务融资 工具并支付费用。二是为避免某期债务融资工具回售行权，于2021年5月安排相关机构以约定价格买入 债券并支付费用。根据银行间债券市场相关自律规定，经自律处分会议审议，对兴金开发予以警告，责 令其针对本次事件中暴露出的债务融资工具发行管理等方面的问题进行全面深入的整改；对公司时任公 司董事长邱程华予以警告。 相驭咨询作为相关产品的 ...

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].

Core Viewpoint - The selection of underwriters for the 2025-2026 secondary capital bond issuance by Guangfa Bank has sparked market discussions, particularly due to the low underwriting fees proposed by some firms, leading to a self-regulatory investigation by the interbank market association [1][4][3]. Group 1: Selection of Underwriters - Guangfa Bank has publicly announced the selection results for the underwriting service providers for its 2025-2026 secondary capital bond issuance, with a maximum of six suppliers chosen [1][2]. - The selected underwriters include China Galaxy Securities, Guangfa Securities, Industrial Bank, Guotai Junan Securities, CITIC Securities, and CITIC Jianan Securities [4][2]. - The total underwriting service fee is set at RMB 63.48 million, with a 6% VAT invoice provided [2]. Group 2: Market Reactions and Investigations - The announcement of the low underwriting fees, particularly the "floor price" of RMB 700 quoted by some firms, has raised concerns in the market [4]. - Following the announcement, the interbank market association initiated a self-regulatory investigation into the six selected underwriters due to the market's reaction to the low fees [4][3]. - The association monitors compliance with self-regulatory rules and will take action if any violations are found during the investigation [4][5]. Group 3: Regulatory Environment - In June, the interbank market association issued a notice to strengthen the regulation of bond issuance and underwriting practices, emphasizing market-based principles and fair treatment of investors [5][6]. - The notice prohibits underwriters from quoting below cost and mandates compliance with payment obligations [6]. - The association has increased scrutiny on non-market-based bond issuance practices and has reported disciplinary actions against multiple institutions for violations [8][7].