Glossary of Municipal Securities Terms


The sale of a new issue of municipal securities by an issuer directly to an underwriter or underwriting syndicate selected by the issuer. A negotiated sale is distinguished from a sale by competitive bid, which requires public bidding by the underwriters. Among the primary points of negotiation for an issuer are the interest ratecall features and purchase price of the issue. The sale of a new issue of securities in this manner is also known as a negotiated underwriting. Compare: COMPETITIVE SALE.

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