银行二级资本债券承销服务

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银行债券承销的低价痼疾
Bei Jing Shang Bao· 2025-07-13 13:17
Core Viewpoint - The recent self-discipline investigation by the trading association has highlighted the phenomenon of "floor pricing" in bond underwriting, particularly in the case of the underwriting fees for the 2025-2026 secondary capital bond project of Guangfa Bank, which has drawn significant market attention [1][3]. Group 1: Low Pricing Phenomenon - The occurrence of three-digit underwriting fees is rare and reflects a broader trend of low-price competition within the industry [3]. - In the competitive bidding process for Guangfa Bank's bond issuance, the total underwriting fee for the six selected institutions was only 63,448 yuan, with some institutions quoting as low as 700 yuan [3][4]. - Historically, underwriting fees for bond projects typically do not fall below 1 million yuan, but recent trends show that actual fees have significantly decreased due to intensified competition [4][6]. Group 2: Market Dynamics - The underwriting fee rates for large state-owned and joint-stock banks can drop below 0.08%, primarily because these banks issue high-quality assets, making the issuance process simpler and less costly [7][8]. - Smaller banks often face higher costs for underwriting, with fees generally exceeding 1 million yuan, indicating a disparity in pricing strategies based on the size and quality of the issuing bank [8]. - The competitive landscape has led to a situation where institutions prioritize market share over profitability, resulting in a willingness to accept low fees to secure business [8][10]. Group 3: Regulatory Response - The trading association has issued guidelines to strengthen the norms for bond issuance and underwriting, emphasizing the need for market-based principles and fair treatment of all investors [10][11]. - There is a call for regulatory measures to establish minimum fee standards for bond issuance to prevent "involutionary" competition and ensure the quality of bond issuance [11][12]. - The industry is experiencing increased scrutiny from regulators, with a focus on compliance and the need for underwriting institutions to maintain a balance between cost control and regulatory adherence [11][12].