Syndication members hierarchy
Hi everyone, was hoping someone can clarify on the members of a syndicate and the hierarchy based on their importance.
Is it lead underwriter > joint bookrunner > underwriters (selling group)? Thanks very much
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Is this for equity?
Lead left
Active bookrunner
Passive bookrunner (if you’re advertising your credentials, you usually say “book runner”)
co-manager
If the first 2 banks are equal, we usually say joint lead active. Can also add sr / jr. if there are differences in economics.
Was asking about levfin/DCM. Didn't know there was a difference
Leveraged loans or HY bonds? It’s different
what's the hierarchy for leveraged loans?
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