Investment Banking
The activities of a firm when serving as intermediary between an issuer of securities and the investing pubic. 

Firm Commitment
An arrangement whereby investment bankers purchase the new issue shares of a company outright¹ for resale to the public.

Best Efforts
An arrangement whereby investment bankers, through options to purchase, agree to do their best to sell a new issue to the public.

All or None
An arrangement giving the investment bankers the right to cancel the agreement if a new issue is not fully² subscribed³.

Syndicate
Also called the purchase group. A group of underwriters that agrees to purchase a new issue of stock from the issuer for sale to the public.

Selling Concession
The discount given by the syndicate to members of the selling group.

Stabilization
Activities by an underwriter to support the offering price of a new issue stock in the aftermarket.

投资银行业务
作为证券发行人和投资公众中介的公司活动。

包销
投资银行购买某公司的全部新股向公众出售的安排。

 

代销
投资银行同意通过购买期权尽最大努力向公众出售新股的安排。

 

整批委托
赋予投资银行在新股没有完全被认购时取消协议的安排。

辛迪加
或称为承销团。同意向发行人购买新股并向公众出售的承销商。

 

出售折扣
辛迪加向出售团成员提供的折扣。

 

稳定化
承销商在后市市场支持新股招股价的行动。