NAFMII to Regulate Book Building Issuance and Underwriting in the Interbank Bond Market

The National Association of Financial Market Institutional Investors (NAFMII) recently issued the Circular on Relevant Work to Regulate Book Building Issuance and Underwriting in the Interbank Bond Market (the "Circular"), with effect from August 11, 2025.

The Circular sets forth the arrangements in seven aspects, including strengthening underwriting quotation management in the interbank bond market, standardizing book building subscription requirements, and improving the pricing mechanism for the book building of debt financing instruments. Notably, the Circular stipulates that the lead underwriter in the interbank bond market shall establish sound internal management rules for underwriting quotations, comprehensively evaluate project costs, and reasonably determine quotations, and shall not participate in bond bidding with underwriting quotations lower than the costs. The issuer shall reasonably set evaluation indicators according to market principles and shall not interfere with the lead underwriter's independent and objective quotation decisions.



(Source: https://www.nafmii.org.cn/ggtz/tz/202507/t20250730_322851.html)

Note: The link to the Chinese official website of the document is for your reference.