二级资本债券承销服务

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交易商协会:启动自律调查!
中国基金报· 2025-07-21 12:33
Core Viewpoint - The China Interbank Market Dealers Association has initiated a self-regulatory investigation into Guangfa Bank for allegedly guiding prices in the issuance of its 2025-2026 secondary capital bonds [2][5]. Group 1: Investigation Details - On July 21, the Dealers Association announced the investigation after discovering potential price manipulation during the selection of underwriters for Guangfa Bank's bond issuance [2][5]. - The investigation was triggered by the unusually low underwriting fees proposed by some of the selected underwriters, with China Galaxy Securities and Industrial Bank quoting only 700 yuan [5][8]. Group 2: Market Context - The bond underwriting market has seen frequent low-price competition, which disrupts healthy market development. For instance, in 2021, China International Capital Corporation won a bid with a fee of only 10,000 yuan, raising similar concerns [7][8]. - In response to these issues, the Dealers Association issued a notice on June 16 to strengthen self-regulatory management of low-price underwriting and other non-compliant behaviors [7][8]. Group 3: Regulatory Measures - The notice mandates that underwriters must not quote fees below their costs and emphasizes fair treatment of all investors without pre-agreed bond issuance rates [8]. - The Dealers Association will monitor bond issuance and underwriting activities regularly and impose self-regulatory measures or penalties for violations, with serious cases being referred to relevant authorities [8][9].
债券承销费最低仅700元 中国银河兴业银行等6券商被查
Zhong Guo Jing Ji Wang· 2025-07-14 10:37
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]
一财社论:促进证券业高质量发展,自律和他律都是重要路径
Di Yi Cai Jing· 2025-07-13 12:54
Core Viewpoint - The recent implementation opinions by the China Securities Association emphasize the need for stricter self-regulation and external regulation to promote high-quality development in the securities industry [1][4]. Group 1: Self-Regulation Measures - The implementation opinions outline 28 measures across seven areas, including enhancing self-regulation in sponsorship and underwriting, improving compliance and risk control systems, and strengthening public opinion guidance [1][2]. - The focus on self-regulation is highlighted by the investigation into six main underwriters for their low underwriting fees, indicating a stricter monitoring of potential violations [2][3]. - The association plans to incorporate the quality of pricing reports into the evaluation system for investment banks, aiming to improve the quality of these reports and reduce the occurrence of non-compliant reports [3]. Group 2: External Regulation and Oversight - The China Interbank Market Dealers Association has initiated self-regulatory investigations against institutions involved in low-price underwriting, signaling a commitment to enforce stricter regulations [2][5]. - The implementation opinions stress the importance of public opinion supervision, with a commitment to respond to public sentiment within four hours and manage violation lists dynamically within 30 days [6]. - The association's self-regulatory measures for 2024 included disciplinary actions against 13 companies and 53 individuals, reflecting a proactive approach to maintaining industry standards [5].
700元“地板价”揽活债券承销,6家主承销商被交易商协会启动自律调查
经济观察报· 2025-07-13 07:27
Core Viewpoint - The article discusses the low underwriting fees for bond issuance by Guangfa Bank, raising concerns about "price-cutting" competition among underwriters in the bond market [1][2][25]. Group 1: Bond Issuance and Underwriting Fees - Guangfa Bank has not disclosed plans for the issuance scale of its 2025-2026 secondary capital bonds, but it issued two tranches totaling 26 billion yuan in 2024 [1][15]. - The underwriting fee for the bond issuance was reported to be as low as 700 yuan, which is considered a "floor price" in the industry [1][15]. - The underwriting service fee for the six selected underwriters totaled only 63,448 yuan, with a tax rate of 6% [5]. Group 2: Industry Response and Investigations - The China Securities Association has initiated a self-regulatory investigation into six main underwriters due to concerns over the low fees associated with Guangfa Bank's bond project [3][25]. - The association's investigation may impact the results of the recent bidding process for the bond underwriting [7]. - Previous instances of low pricing in bond underwriting have drawn regulatory scrutiny, indicating a pattern of "price-cutting" competition in the industry [21][22]. Group 3: Market Competition and Trends - The bond underwriting market is highly competitive, with leading firms dominating the rankings based on total underwriting amounts and numbers [20][21]. - The article highlights that the current trend of "price-cutting" among underwriters is a response to the fierce competition for market share [19][21]. - Regulatory bodies have previously issued guidelines to curb unreasonably low underwriting fees, emphasizing the need for fair competition in the market [24].
最低只有700元!6家头部券商分食6.3万承销费,监管启动自律调查
券商中国· 2025-07-12 02:36
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].