FIN 4618/25/115 Functions: Corporate finance (advisory & underwriting)Sales: retail brokers and institutionalTrading: equity, securities, etc.Research: equity and security research, FI anaylstsSyndicate: placementsWhy IB: repeated gameEquity underwriting : IPOs, etc.US Bond: FIFirm commitment offering: Firm IB MarketBests efforts offering: Issuer/IB MarketBest effort: IB does not buy securities, get a rate for helping sell securities to marketMost speculative offerings tend to be firm commitment . . .I assume because locks in $$ raised by issuerMaterial transaction (M & A) 8kSecurity Issuance: prospectus …424B4 (IPO) always 424**Tender Offers: 13d; 14d individuals or institutions that breach certain thresholds…taking
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