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In the offering of new securities, members of the syndicate are permitted to sell to other dealers less the reallowance. The amount of the reallowance is determined by:
the syndicate manager. The reallowance as well as the selling concession given to selling group members are determined by the managing underwriters.
Bubba buys a 5% bond that matures in 15 years with a 5.10 basis. How much did he pay for the bond?
98.96. A calculator is not required for this. Even Bubba knows the bond is obviously trading at a slight discount by yielding 5.10% instead of the coupon rate of 5%. If the yield was the same as the coupon rate, the price is 100.00.
Municipal bonds would be least attractive as an investment for which of the following?
a pension fund. Since the pension fund does not pay income tax, the tax benefits of the municipal bonds are not realized.
Which of the following is considered a firm quotation in the over-the-counter market?
27.50. Anytime there is qualifying language attached to a quotation it is not considered firm.
A group net order is one that benefits municipal syndicate members:
according to their percentage participation in the account. For example, if the group net order produces $3,000 in fees and a syndicate member has a 10% overall participation, that member receives $300 in fees.
