Series 7: 3.3.3.3. Closing The Issue

3.3.3.3. Closing the Issue

When the bonds are finally delivered on the closing date, the lead underwriter will secure a loan to pay the issuer for the bonds and distribute the bonds to the syndicate members. The syndicate members then fill their orders, receive payment from the purchasers, and deliver their receipts to the manager. Once the managing underwriter receives all payments, the loan is retired and the profits are distributed among the syndicate members. Final settlement of the syndicate accounts must generally be accomplished within 30 days following the date of delivery.

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