Glossary of Municipal Securities Terms

UNDERWRITER OR INVESTMENT BANKER

municipal securities dealer that purchases a new issue of municipal securities from the issuer for resale in a primary offering. The underwriter may acquire the securities either by negotiation with the issuer or by award on the basis of competitive bidding. See: COMPETITIVE SALE; NEGOTIATED SALE; PRIMARY DISTRIBUTOR; PRIMARY OFFERING; SYNDICATE. Compare: PLACEMENT AGENT.

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