首页
登录
职称英语
New securities by companies are usually brought to market after advice and a
New securities by companies are usually brought to market after advice and a
游客
2025-06-19
17
管理
问题
New securities by companies are usually brought to market after advice and a commitment to underwrite by an investment banking firm. Underwriting simply means that the investment banker promises to buy the securities. The investment bank helps design the security and the investment banker buys it from the issuer with the intent of selling it to investors as quickly as possible. Usually, the issue is not subscribed to in its entirety by the original investment banker but is syndicated among other institutions as well. Through the syndication process, the original investment banker invites others to subscribe to a part of the issue, receiving a predetermined portion of the fees in return. The original investment banker becomes known as the lead manager of the deal. If there is more than one lead, the group is referred to as co-lead managers. The firm that deals directly with the company will be responsible for any syndication formation and also for final payment on behalf of the syndicate. It is referred to as the book runner for the issue.
New issues of common stock come into two varieties-primary distributions and secondary distributions. Primaries are sales of stock that have never been issued before. There are two types of primary distributions-initial public offerings(IPOs)and additional floats of companies’ stock that will dilute each shareholder’s existing holding. Of the two, the latter are more common in the new issues market for equities since they involve offerings of shares of larger, more mature companies seeking additional equity capital. Secondary distributions are sales of stock that previously existed in some form or other but are too large to be accommodated on the stock exchanges. Procedures for secondaries often follow those for primaries although the offering period is much shorter and may involve a matter of hours rather than days.
The actual marketing for these issues is done by investment bankers directly to the public. On rare occasions, companies have attempted to sell their shares or bonds directly to the public, avoiding investment banking fees. Unless the company is very well known, such attempts are less than successful. The behavior of investment bankers is key to the reception of new issues and directly affects the cost of capital for a company. As a result, the choice of an investment banker is crucial for a company, and the wrong choice could affect its costs over the near term. This is true for bonds as well as for common stocks. [br] When the issue is syndicated among the original investment banker and other institutions,
选项
A、there is only one lead manager
B、there must be more than one lead manager
C、all the parties concerned are lead managers
D、there is one lead manager or more than one lead manager
答案
D
解析
文章提到The original investment banker…to as co—lead managers。在这样的交易中,原始银行被称作牵头银行,如果有一家以上的银行牵头,则它们被称作联合牵头银行。所以D选项符合题意。
转载请注明原文地址:https://tihaiku.com/zcyy/4125368.html
相关试题推荐
Besidesacurrentorspotpriceforcurrencies(ormonies)andspotmarkets,t
Besidesacurrentorspotpriceforcurrencies(ormonies)andspotmarkets,t
Besidesacurrentorspotpriceforcurrencies(ormonies)andspotmarkets,t
Whenthestockmarketturnsdown,holdersofcommonstockstraditionallybeg
Whenthestockmarketturnsdown,holdersofcommonstockstraditionallybeg
Whenthestockmarketturnsdown,holdersofcommonstockstraditionallybeg
Whenthestockmarketturnsdown,holdersofcommonstockstraditionallybeg
Thepriceintheforeignexchangemarketiscalled______.A、thetradesurplusB、t
OnNovember17,2008,STANDARDCHARTEREDBANK,HongKongsendsaCreditAdvicet
Theissuanceofconvertiblebondsandbondsofsecuritiescompaniesaresubject
随机试题
[originaltext]TodayweansweraquestionfromalistenerinColombia.John
[originaltext]Inthe18thcenturyFrencheconomistsprotestedtheexcessive
Nowadayspeoplecelebrateallkindsofgraduations.Studentsgraduatefromeleme
[originaltext]Inmyopinion,FrankLloydWrightwasthegreatestAmericana
应县佛宫寺塔、北京妙应寺塔和蓟县独乐寺观音阁的建造朝代分别是:()A.辽、元
记录室内质控结果时应该A.只记录在控结果 B.记录所有结果 C.只记录失控结
消极遗产是指( )。A.非法遗产 B.归属权不明的遗产 C.债权 D
下列哪项不宜用三棱针治疗?( )A.高热 B.脱证 C.昏迷 D.惊厥
中国坚定不移地走和平发展道路是基于()。A.中国国情的必然选择 B.中国
虚假的冲突是指冲突双方有分歧,但是这个分歧并没有客观的基础。 下列属于虚假的冲
最新回复
(
0
)