Agreement Among Underwriters
The issuer may select co-managers from competing firms to work as part of a syndicate, with the lead underwriter coordinating their activities. Or it may leave the choice of a syndicate to the lead underwriter.
Once the syndicate is selected, the process of structuring the bond issue and completing the other origination tasks is undertaken, mainly by the lead underwriter and the issuer.
The syndicate will engage in presale marketing with potential investors and negotiate i