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Series 6

Unit 3 QQ 3.C Issuing Securities

QuestionAnswer
Investment Banking Business A broker, dealer or municipal or government security dealer that underwrites or distributes new issues of securities as a dealer or that buys and sells securities for the accounts of others as a broker.
Issuer The entity, such as a corporation or municipality, that offers or proposes to offer its securities for sale.
New Issue Market The securities market for shares in privately owned businesses that are raising capital by selling common stock to the public for the first time.
Additional Issues Market Made up of new securities being offered to the public by companies tha are currently publicly traded.
Firm Commitment Underwriting An underwriting where the underwriter buys the entire issue from the issuer at an agreed upon price and then proceeds to sell shares are sold because the entire issue is bought by underwriter.
Negotiated Underwriting Contract Used in most corp issues. The issuer selects an underwriter and they negotiate the conditions of the underwriting contract. A competitive bid arragement is the standard for new issue offering in the mun sec market.Cont is awarded to lowest interest cost.
Standby Underwriting Agreement Unconditionally agrees to buy all shares that remain unsold in an additional issue. Underwriter assumes financial risk in event existing shareholders fail to exerciese their preemptive rights and unsold shares in offering.
Best Efforts Arragement Offering of newly issued sec in which the investment banker acts as an agent of the corp, promising only his best efforts in making the issue a success, but not guaranteeing the corp that all shares will be sold or its money for an unsold share.
Created by: ericjrolon
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