The difference between corporate bond underwriting and corporate stock underwriting

As far as the domestic situation is concerned (it should be pointed out that domestic corporate bonds generally refer to bonds listed on the exchange market, while bonds issued in the interbank market are called corporate bonds):

1. Underwriters face different investment groups: investors in fixed-income products and investors in equity products have very different investment styles.

2. Underwriters adopt different pricing mechanisms: corporate bonds can be issued by reference pricing method and bidding method, or by market inquiry method; At present, the company's stock generally adopts the market inquiry method.

3. The content of due diligence undertaken by the underwriter is different from the responsibility of supervising the issuer's information disclosure: bond underwriting mainly focuses on the issuer's credit status, guarantee status and solvency; The company information that stock underwriting pays attention to is much more comprehensive and complicated, covering all aspects related to company value judgment.

4. Underwriters have different roles after issuance: Underwriters of A-share stocks often act as sponsors of the company after issuance, and have long-term and continuous regulatory obligations; Underwriters of corporate bonds have less subsequent responsibilities and can serve as bond trustees.

5. The level of underwriting rate is quite different: generally speaking, the underwriting rate of stocks is higher.

In addition, there are many differences in details, such as differences in product design: the design of corporate bond products is more complicated; And the audit procedures before underwriting, etc.

I hope I can help you.