Pilot Fishing

A type of underwriting in which an investment bank (the underwriter) agrees to purchase the portion of the new securities issue that remains after a public offering.

The spread between the amount underwriters pay an issuing company for its securities and the amount the underwriters receive from selling the securities in the public offering.

An issue of new securities that may present a selling challenge to an underwriter, usually because there's been some bad news about the issuing company or overall economy.

A situation in which the demand for an initial public offering of securities is less than the number of shares issued. Also known as an "underbooking".

Newly issued securities that an investor has agreed or stated his or her intent to buy prior to the issue date. When investors use rights, they expect to own the designated number of ...

A document circulated to potential buyers of a specific security that may be offered for sale in the future. The document, often prepared by the investment bank representing the company, ...

A new share issue that is bought entirely by one underwriter to resell to investors.

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