Series 53: Order Period

Order Period

Once an underwriter bids and receives the award, the syndicate will run an order period for investor clients and syndicate members. The order period may last anywhere from one hour to five days. Within the order period, orders are generally allocated without consideration of the time of submission. If bonds remain unsold after the order period, depending on the terms of the syndicate letter, they may be redistributed among the members and reoffered at the offering price (in a new order period) or sold at a discount.

Remember: The order period generally lasts from one hour up to five days.

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