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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
Jing Ji Guan Cha Wang· 2025-07-13 03:39
Core Viewpoint - The bond underwriting service fee has reached an unprecedented low, raising concerns in the industry, prompting the Trading Dealers Association to initiate a self-regulatory investigation into the involved underwriters [2][12]. Group 1: Investigation and Findings - The Trading Dealers Association announced a self-regulatory investigation into six main underwriters after noticing the low service fees in the bond underwriting for Guangfa Bank's 2025-2026 secondary capital bonds [2][12]. - The selected underwriters for Guangfa Bank's bond issuance were China Galaxy Securities, Guangfa Securities, Industrial Bank, Guotai Junan Securities, CITIC Securities, and CITIC Jianan Securities, with total service fees amounting to only RMB 63,448 [2][4]. Group 2: Service Fee Details - The estimated service fees for the selected underwriters were as follows: China Galaxy Securities RMB 700, Guangfa Securities RMB 1,050, Industrial Bank RMB 700, Guotai Junan Securities RMB 4,998, CITIC Jianan Securities RMB 35,000, and CITIC Securities RMB 21,000 [4][5]. - The extremely low service fees, particularly the RMB 700 from China Galaxy Securities and Industrial Bank, have been described as "floor price" [8]. Group 3: Industry Context - The bond underwriting market is highly competitive, with firms often engaging in price wars to secure underwriting deals, leading to a significant drop in service fees [10]. - The industry typically sees underwriting fees ranging from tens of thousands to hundreds of thousands of RMB, indicating that the current fees are significantly below the market norm [8][10]. Group 4: Regulatory Response - The Trading Dealers Association's investigation may impact the results of the current bidding process, as the association has previously expressed concerns over low-price competition in the bond underwriting sector [3][12]. - Regulatory bodies have issued multiple guidelines to curb the practice of underpricing in bond underwriting, emphasizing the need for fair competition and adherence to industry standards [11].