Glossary of Municipal Securities Terms


The member (or members) of an underwriting syndicate charged with primary responsibility for conducting the affairs of the syndicate. The lead manager generally takes the largest underwriting commitment.

Lead Manager, Senior Manager or Bookrunning Manager – The underwriter serving as head of the syndicate. The lead manager generally handles negotiations in a negotiated underwriting of a new issue of municipal securities or directs the processes by which a bid is determined for a competitive underwriting. The lead manager also is charged with allocating securities among the members of the syndicate according to the terms of the agreement among underwriters and the orders received.

Joint Manager or Co-Manager – Any member of the management group (although the term is often used to refer to a member other than the lead manager).

Sole Manager The underwriter of a new issue where no underwriting syndicate is formed.


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