Hey Guys,
I have a quick question, usually for a municipal bond, would the underwriter usually buy up all the bonds from the issuer and then go about slowly selling it off to investors? Could anyone be as kind as to give me a overview of what happens? Thank you!!!!
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There is a schedule for each issuance. The bonds basically have their version of an IPO, either by competitive or negotiated sale to determine the yield they sell at. Institutions place their orders for each bond in a series, and then the underwriting institution will determine the allotment that each party will receive.
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