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交易商协会敦促市场成员进一步提升撤标报备合规意识
Xin Hua Cai Jing· 2025-09-28 05:32
二、进一步提升撤标报备合规意识。《通知》明确要求披露撤标或变相撤标公告的,簿记管理人应将披 露情况汇总并说明原因,相关材料加盖公司公章或授权部门业务章后于交易流通首日前报备。协会将强 化抽查检查,对于未按要求报备,或报备材料存在未说明原因、未按规定用印等不符合要求的,将视情 况采取相应自律措施。 三、持续做好发行披露工作。主承销商应辅导发行人做好发行时间安排,切实提升发行披露质量。重大 (重要)事项、发行条款变更等发行前流程须在发行披露日前一个工作日办结完成。 (文章来源:新华财经) 新华财经北京9月28日电交易商协会28日发布关于做好债务融资工具发行工作的提示称,《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,以下简称《通知》) 施行以来,簿记发行规范持续提升。为确保相关机构合规有序开展发行工作,现就有关事项提示如下: 一、严格落实分销信息线上录入要求。各承销机构应高度重视并按《通知》要求做好分销信息录入,确 保信息真实、准确、完整、及时。对未按《通知》执行的承销机构,协会将视情况采取相应自律措施。 ...
银行间债券承销新规带来三大变化
Zheng Quan Ri Bao· 2025-08-11 16:19
Core Viewpoint - The recent announcement by the China Interbank Market Dealers Association regarding the self-regulation of underwriting quotes in the interbank bond market aims to enhance the quality and stability of the bond market, addressing issues such as price wars and promoting a market-oriented pricing mechanism [1][2]. Group 1: Impact on Bond Market - The new regulations are expected to end the "price war" phenomenon in the bond market, encouraging a return to market-based pricing mechanisms [1][2]. - As of June, the interbank market accounted for 88.4% of the total bond market custody balance, highlighting its significance in China's bond market [1]. Group 2: Changes for Underwriting Institutions - The regulations will push underwriting institutions to restructure their profit models, promoting long-term and stable development [3]. - The current low underwriting fees have led to concerns about the quality of due diligence and compliance, potentially increasing default risks in the bond market [2][3]. Group 3: Financing for the Real Economy - By regulating underwriting quotes, the new rules are expected to broaden financing channels for the real economy, directing funds towards weaker sectors and key areas [4]. - The regulations aim to enhance the willingness of underwriting institutions to serve small and micro enterprises, as well as technology innovation companies, thereby improving market transparency and investor decision-making quality [4].
今日视点:金融机构承销业务竞争应跳出“费率”围城
Zheng Quan Ri Bao· 2025-08-08 07:19
Core Viewpoint - The recent issuance of a 35 billion yuan secondary capital bond has highlighted the issue of extremely low underwriting fees in the bond underwriting market, prompting the China Interbank Market Dealers Association to initiate a self-regulatory investigation into the matter [1][2]. Group 1: Reasons for Low Pricing Competition - The focus on underwriting volume and rankings leads institutions to engage in "price-for-volume" strategies, resulting in a vicious cycle of low pricing competition [2]. - Many issuers adopt "lowest price wins" evaluation criteria, which undervalue service quality and risk management, encouraging underwriters to sacrifice profit margins for business access [2]. - The increasing size of the bond market has led to a singular focus on bond underwriting as a critical cash flow business, pushing institutions to compete even at a loss, exacerbating low pricing competition [2]. Group 2: Long-term Consequences of Low Pricing - Low underwriting fees can lead to a reduction in necessary resources for due diligence, compliance, and risk assessment, potentially increasing the risk of bond defaults and harming investor interests [3]. - Aggressive pricing strategies may undermine the survival of compliant institutions, while some may resort to gray market practices, damaging the competitive environment in the financial industry [3]. - The core value of underwriters in facilitating effective capital allocation diminishes when the underwriting process becomes merely transactional, reducing their ability to filter risks and discover value [3]. - A focus on price wars and homogenized competition can hinder innovation in product development, affecting the financial industry's ability to lead in areas like green bonds and ESG derivatives [3]. Group 3: Recommendations for Improvement - The value of financial intermediaries should not be measured solely by fee rates but by their ability to manage risks, ensure compliance, and guide capital allocation effectively [4]. - Breaking the cycle of low pricing in bond underwriting requires collaboration among regulators, issuers, and other stakeholders to shift the focus from "who quotes lower" to "who creates more value" [4]. - A renewed emphasis on quality and compliance in competition can help restore the fundamental purpose of bond underwriting services and promote the long-term healthy development of the bond market [4].
债市承销报价自律管理加强,要求真实、合理测算承销成本
Huan Qiu Wang· 2025-08-08 02:35
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]
央行主管媒体:金融“反内卷”,不得低于成本报价!
Jin Rong Shi Bao· 2025-08-04 23:49
Core Viewpoint - The recent notice from the China Interbank Market Dealers Association aims to regulate the bond underwriting market by addressing issues such as distorted pricing, non-market-based issuance, and interference in the underwriting process, emphasizing that underwriting fees must not be quoted below cost [1][4][5]. Group 1: Regulatory Measures - The notice reiterates that underwriters must not quote fees below cost, requiring main underwriters to establish internal management systems for pricing and to assess project costs comprehensively [5][6]. - This is the second notice issued within a month regarding low underwriting fees, indicating a growing concern over practices such as low-price underwriting and potential collusion among market participants [6][7]. - The association has initiated self-regulatory investigations into firms that engaged in low-cost bidding, highlighting the need for stricter compliance and accountability [6][9]. Group 2: Pricing Mechanism and Underwriter Selection - The notice mandates that issuers and main underwriters adhere to market principles when determining pricing ranges, ensuring that these ranges reflect comparable bond rates or fair market prices [8]. - It limits the number of underwriters based on the issuance scale, allowing a maximum of two underwriters for short-term and ultra-short-term notes, three for issues between 2 billion and 5 billion, and four for issues above 5 billion [8]. - The notice also emphasizes the importance of maintaining a balance between underwriting and investor participation, ensuring that underwriting does not crowd out legitimate market demand [8]. Group 3: Complaint and Integrity Mechanism - The association plans to establish a complaint and integrity public disclosure mechanism to address violations of laws and self-regulatory rules during the issuance process [9]. - Complaints regarding interference in pricing, low-cost bidding, and other unethical practices will be documented and made public, promoting transparency and accountability in the bond market [9].
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].
早报|21国发表联合声明,谴责以色列袭击伊朗;广汽埃安回应员工股权风波;特朗普:美国将暂缓对俄罗斯实施制裁;波音787再出状况
虎嗅APP· 2025-06-17 00:11
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]