Series 50: Forming The Syndicate

Forming the Syndicate

To get the broadest possible view of the market and reach the maximum number of prospective bidders, underwriters will form a syndicate prior to securing an underwriting bid.

Once the team is selected, the lead underwriter will draft a syndicate letter. This letter describes:

•The obligations of each member

•The share of the members’ participation in the underwriting

•How bond orders will be