Securities industry experts, facts speak.
Welcome to leave a message, if you agree, please spread positive energy.
Connoisseurs who know something about low-price underwriting are still surprised to catch a glimpse of a set of tender announcements.
Congratulations on winning the bid
Just today (March 5, 2024), the official website of the Ningbo Public Resources Trading Center, which "only provides historical data query", publicly released a bid winning announcement.
The tenderer is Ningbo Jiangbei Investment and Entrepreneurship Development *** referred to as Jiangbei Investment and Entrepreneurship), which is the bidding project of the underwriter of the company's bond issuance.
Perhaps because of the "villagers", the consortium composed of "Zhejiang" brokerage Zheshang ** and "Ningbo" brokerage Yongxing ** won the bid, with a rate of 014% year. The size of the project was not disclosed in the announcement.
Recall that before, experts have commented on many low-price underwriting incidents. For example, in April 2020, CITIC** and Industrial Bank were ordered to rectify the bid for the lead underwriter of Hainan Development Medium Notes at a rate of 3 parts per million. In another example, in February 2021, CICC underwrote Jiaxing Bank's perpetual bonds at a "floor price" of 10,000 yuan, with a rate of no more than 0/10,0002。
In contrast, the underwriting rate this time is quite normal.
Constant bargaining
To the connoisseurs' confusion, the two correction announcements for this bidding.
According to the tender announcement issued on February 4 this year, the annual service rate is not higher than 018% year.
On the day of the announcement, Jiangbei Investment and Innovation issued a correction announcement, and the rate was corrected to "not higher than 016% year".
On February 8, a correction announcement was issued again, which was corrected to "not higher than 015% years".
Compared with the currently publicized winning bid rate, from 1 per thousand8. "Bargaining" to 1 thousandth4, it seems that it has saved a lot.
Prior to this, Jiangbei Investment Innovation had issued 8500 million yuan of private placement bonds with a maturity of five years. At that time, the lead underwriters were Zheshang** and Zhongshan**.
If the scale of this bond issuance remains unchanged, based on the rate of winning the bid, Zheshang ** and Yongxing ** will have a total of 1.19 million yuan per year.
Eat meat and drink soup
Among the listed brokers, the strength of Zheshang's debt undertaking business is good, especially in the regional market.
According to the 2023 interim report of Zheshang**, 172 bond lead underwriting projects were completed during the reporting period, with a total underwriting scale of 8142.4 billion yuan, including 160 corporate bond projects, with an underwriting scale of 762$2.4 billion. Wind data shows that in the first half of 2023, the number of corporate bond underwriting orders ranked 9th in the country, and the underwriting scale ranked 7th in the country; The amount and odd number of corporate bonds underwritten in Zhejiang ProvinceRanked No. 1
Yongxing** was founded in 2020, and the annual reports from 2020 to 2022 did not clearly disclose the bond underwriting business.
According to the information included in the enterprise check, Yongxing ** will only have 2 and 3 bid-winning information in 2021 and 2022 respectively; In 2023, there are 15 winning bids. This is the first bid winning information in 2024, which can be said to be a good start.
Experts believe that by deeply cultivating the regional market, small and medium-sized brokerages are expected to "eat meat" and "drink soup".
Disclaimer: This article is for informational purposes only and does not constitute any investment advice to anyone. Investors act accordingly at their own risk.