首页
外语
计算机
考研
公务员
职业资格
财经
工程
司法
医学
专升本
自考
实用职业技能
登录
外语
New securities by companies are usually brought to market after advice and a commitment to underwrite by an investment banking f
New securities by companies are usually brought to market after advice and a commitment to underwrite by an investment banking f
admin
2012-01-26
58
问题
New securities by companies are usually brought to market after advice and a commitment to underwrite by an investment banking firm. Underwriting simply means that the investment banker promises to buy the securities. The investment bank helps design the security and the investment banker buys it from the issuer with the intent of selling it to investors as quickly as possible. Usually, the issue is not subscribed to in its entirety by the original investment banker but is syndicated among other institutions as well. Through the syndication process, the original investment banker invites others to subscribe to a part of the issue, receiving a predetermined portion of the fees in return. The original investment banker becomes known as the lead manager of the deal. ff there is more than one lead, the group is referred to as co-lead managers. The firm that deals directly with the company will be responsible for any syndication formation and also for final payment on behalf of the syndicate. It is referred to as the book runner for the issue.
New issues of common stock come into two varieties-primary distributions and secondary distributions. Primaries are sales of stock that have never been issued before. There are two types of primary distributions-initial public offerings (IPOs) and additional floats of companies’ stock that will dilute each shareholder’s existing holding. Of the two, the latter are more common in the new issues market for equities since they involve offerings of shares of larger, more mature companies seeking additional equity capital. Secondary distributions are sales of stock that previously existed in some form or other but are too large to be accommodated on the stock exchanges. Procedures for secondaries often follow those for primaries although the offering period is much shorter and may involve a matter of hours rather than days.
The actual marketing for these issues is done by investment bankers directly to the public. On rare occasions, companies have attempted to sell their shares or bonds directly to the public, avoiding investment banking fees. Unless the company is very well known, such attempts are less than successful. The behavior of investment bankers is key to the reception of new issues and directly affects the cost of capital for a company. As a result, the choice of an investment banker is crucial for a company, and the wrong choice could affect its costs over the near tenrm. This is true for bonds as well as for common stocks.
According to the passage, underwriting simply means ______.
选项
A、that the investor promises to buy the securities
B、that the investment banker promises to sell the securities
C、that the investment banker promises to buy the securities
D、that the investor promises to sell the securities
答案
C
解析
文章第一段提到Underwriting simply means that…buy the securities。承销的意思是投资银行承诺购买证券。所以C选项符合题意。
转载请注明原文地址:https://kaotiyun.com/show/dIid777K
本试题收录于:
FECT综合(现代金融业务)题库金融英语(FECT)分类
0
FECT综合(现代金融业务)
金融英语(FECT)
相关试题推荐
Alotofpeopledon’twanttotalkabouttheirage,especially(尤其是)womenover30.Thethoughtofgrowingolderisapainful(痛苦的)
Alotofpeopledon’twanttotalkabouttheirage,especially(尤其是)womenover30.Thethoughtofgrowingolderisapainful(痛苦的)
[A]tape[B]radio[C]newspaper[D]dictionary[E]notebook[F]ticket[G]stampYoucanreaditforinformation.
Mr.Reeceisinterestingoldman.Mr.Reeceworked【C1】______afarm.Heandhiswife【C2】______alotofthingsandtheyhadsomec
Mr.Reeceisinterestingoldman.Mr.Reeceworked【C1】______afarm.Heandhiswife【C2】______alotofthingsandtheyhadsomec
Mr.Reeceisinterestingoldman.Mr.Reeceworked【C1】______afarm.Heandhiswife【C2】______alotofthingsandtheyhadsomec
In1826,aFrenchmannamedNiepceneededpicturesforhisbusiness.Buthewasnotagoodartist.Soheinventedaverysimplec
A、Thesupermarketisnearhere.B、Youcangoanotherday.C、Youcanasksomebodyforhelp.C
Vacation(休假)timecanbeassimpleasjusttimeawayfromwork.Youmayjustwantto【C1】______homeanddonothing.Thereisnothi
随机试题
下列有关胰头癌的MRI表现的描述,正确的是
患者多食,大便每日2~3次。查体,血压140/60mmHg,双眼突出,心律不齐,脉搏短绌。应首先考虑的是
[2013年第82题]在直流稳态电路中,电阻、电感、电容元件上的电压与电流大小的比值分别为()。
根据项目周期,可将社会评价分为()。
在以职位为导向的基本薪酬制度设计中,将各种职位划分为若干种职位类型,找出各类职位中所包含的共同“付酬因素”;把各“付酬因素”划分为若干等级,对每一因素及其等级予以界定和说明,并对每一“付酬因素”指派分数以及其在该因素各等级间的分配数值;然后,利用一张转换表
2015年2月1日,甲股份有限公司决定首次公开发行公司债券7000万,涉及的有关情况如下:(1)截至2014年12月31日,甲公司的资产总额为28000万元,负债总额为10000万元,注册资本为5000万元。2012年度至2014年度的可分配利润分别为1
Thisisthepriceandthepromiseofcitizenship.Thisisthesourceofourconfidence—theknowledgethatGodcallsonusto
He______thejobbecauseitinvolvedtoomuchtraveling.
Longbusridesareliketelevisionshows.Theyhaveabeginning,amiddle,andanend—withcommercialsthrownineverythreeor
下列关于期货投机者和套期保值者的描述中,正确的是()。
最新回复
(
0
)