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2025-07-30 19:12:11
[National Association of Financial Market Institutional Investors: Strengthening Underwriting Quotation Management in the Interbank Bond Market] On July 30, in response to current market issues such as distorted issuance pricing, non-market-based issuance, and human interference in the book-building issuance process, the National Association of Financial Market Institutional Investors issued the "Notice on Standardizing Book-Building, Issuance, and Underwriting in the Interbank Bond Market." This notice strengthens the management of underwriting quotations in the interbank bond market. Lead underwriters in the interbank bond market should establish and improve internal management systems for underwriting quotations, comprehensively assess project costs, and reasonably determine quotations. They must not bid for bond projects with underwriting fees that are below cost. Issuers should set reasonable selection and scoring indicators based on market principles and must not interfere with the lead underwriter's independent and objective quotation decision-making. Measures for the management of underwriting quotations will be announced separately.
