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Abstract: 

Underwriters are in the business of raising capital for local issuers.They are also in the business of placing that debt, because the people to whom they are selling it are really the lenders. Their goal is to get the bonds sold at the best possible rate. In addition, they are also trying to be an intermediary that survives for another transaction with the issuer. This article is based on his presentation in the panel on Bond Pricing and Credit Approval at the National Association of Independent Public Finance Advisors (NAIPFA) Annual Conference in San Francisco, October 2–4, 2002.

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Affiliations:  1: Stone & Youngberg, LLC.