For bonds issued in the bond issuance market, the bond issuance methods are divided into:

① Direct issue. That is, the issuer will issue bonds directly to investors through necessary procedures without going through intermediaries.

2. Indirect issuance. That is, the issuer issues bonds to investors through intermediaries (banks or securities companies). At present, most bonds are issued in this way. When indirect sales are adopted, the issuer shall issue and sell bonds through intermediary factories (mainly underwriters) in the issuance market. There are three ways for underwriters to underwrite bonds: one is consignment, the other is balance underwriting, and the third is full underwriting.

Consignment method: the issuer entrusts the underwriter to sell bonds to the society, and the underwriter tries his best to promote them within the agreed time limit according to the pre-specified issuance conditions. If the bonds are not sold at the original issuance amount by the sales deadline, the unsold part will still be returned to the issuer, and the underwriter will not bear any issuance risk.

Balance underwriting method: the underwriter sells bonds to the society within the agreed time limit according to the set issuance quota and conditions. When the sales deadline comes, the underwriter is responsible for subscribing the unsold balance, and the underwriter shall pay all the bonds to the issuer at the agreed time.

Full underwriting method: the underwriter subscribes for all bonds, issues bonds and immediately pays all bonds to the issuer, and then resells them to investors according to market conditions. Judging from the above underwriting methods, the underwriting fees obtained are different because the underwriters bear different issuance risks. The full underwriting fee is higher than the balance underwriting fee, and the balance underwriting fee is higher than the consignment fee.