An entity assuming a financial risk.
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Previously a coal dealer and marine-insurance underwriter (in 1782, an underwriting loss due to the American Revolution forced him into bankruptcy), Walter in 1783 acquired the patent for a system of printing from logotypes (fonts of words or portions of words rather than single letters).
IBJ, for example, though now Japan's fifth biggest underwriter of corporate bonds, last year made operating profits of only ¥2 billion from underwriting fees.Cheap at the priceThe almost complete lack of a secondary market makes it difficult to put a price on new issues compared with similar credits.
Eventually, he could become an underwriter.
Did they, for instance, hand back to the underwriter some of the profits from selling the shares, by doing a lot of commission-paying business shortly afterwards?
In effect, this aligned the interests of the company's managers with those of Wall Street, while putting them in conflict with the interests of their own employer.A solution to this would be to require full disclosure of any other relationships that managers of companies going public have with their underwriter.
Discretion, competence and a talent for hand-holding are prized of underwriter and undertaker alike.
Jim Casey, co-head of leveraged finance at JPMorgan Chase, the leading underwriter, sees no bubble but admits that "the opportunities have diminished in recent months and the risks have grown".Some see higher interest rates and inflation as the big threats.
It was far from the biggest CDO underwriter in the go-go years (see chart).
If it was found wanting, either Goldman (as underwriter) would have had to buy the stock back at par, or Facebook would have had to go public.
The company is a licensed insurance underwriter in 45 American states, with applications for the remaining states pending.
Christopher Flensborg of SEB, a Swedish bank that is the largest underwriter of green bonds, reckons more than 250 institutional investors have bought at least one green bond, up from a handful two years ago.
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