The Roles of Issuer, Placement Agent and Underwriter Member - - PowerPoint PPT Presentation

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The Roles of Issuer, Placement Agent and Underwriter Member - - PowerPoint PPT Presentation

Jul 01, 2023 259 likes •337 views

The Roles of Issuer, Placement Agent and Underwriter Member NYSE, SIPC August 3, 2007 The Role of Issuer Determining Method of Sale Determining Method of Sale Competitive or Negotiated Competitive or Negotiated

slide-1
SLIDE 1

The Roles of Issuer, Placement Agent

and

Underwriter

Member NYSE, SIPC

August 3, 2007

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SLIDE 2

August 3, 2007

Member NYSE, SIPC

2

The Role of Issuer

  • Determining Method of Sale

Determining Method of Sale – – Competitive or Negotiated Competitive or Negotiated

  • Setting Policy

Setting Policy

  • Acting as Conduit or Credit Enhancer

Acting as Conduit or Credit Enhancer

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SLIDE 3

August 3, 2007

Member NYSE, SIPC

3

Competitive vs. Negotiated

  • Issue Size

Issue Size

  • Market Conditions

Market Conditions

  • Type of Interest Rate

Type of Interest Rate – – Fixed or Fixed or Variable? Variable?

  • Nature of Obligation and Structure

Nature of Obligation and Structure

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SLIDE 4

August 3, 2007

Member NYSE, SIPC

4

Competitive Issues

  • High Credit Quality

High Credit Quality

  • Public Purpose

Public Purpose

  • Assistance of Financial Advisor or

Assistance of Financial Advisor or Strong Staff Strong Staff

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SLIDE 5

August 3, 2007

Member NYSE, SIPC

5

Negotiated Issues

  • Issuing an RFP

Issuing an RFP

  • Negotiating Directly with an

Negotiating Directly with an Underwriter Underwriter

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SLIDE 6

August 3, 2007

Member NYSE, SIPC

6

Underwriting vs. Private Placement

  • Private Placement is “Best Efforts”

Private Placement is “Best Efforts”

  • Underwriting is Firm Commitment to

Underwriting is Firm Commitment to Buy Buy

  • Complexity and Nature of Obligation

Complexity and Nature of Obligation