Series 52: 3.2.2.2. Forming The Syndicate

Taken from our Series 52 Online Guide

3.2.2.2. Forming the Syndicate

To get the broadest possible view of the market and reach the maximum number of prospective investors, an interested underwriter will typically form a syndicate prior to submitting a competitive 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 handled

It also specifies the amount of the bonds to be issued and their terms

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