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FIN461825 - FIN 461 5 Functions Corporate finance(advisory...

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FIN 461 8/25/11 5 Functions: Corporate finance (advisory & underwriting) Sales: retail brokers and institutional Trading: equity, securities, etc. Research: equity and security research, FI anaylsts Syndicate: placements Why IB: repeated game Equity underwriting : IPOs, etc. US Bond: FI Firm commitment offering: Firm IB Market Bests efforts offering: Issuer/IB Market Best effort: IB does not buy securities, get a rate for helping sell securities to market Most speculative offerings tend to be firm commitment . . .I assume because locks in $$ raised by issuer Material transaction (M & A) 8k Security Issuance: prospectus …424B4 (IPO) always 424** Tender Offers: 13d; 14d individuals or institutions that breach certain thresholds…taking
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