Series 52: 3.2.2.4. Winning The Bid

3.2.2.4. Winning the Bid

The issuer will select the winner from the lowest bidder or by lot, if two proposals offer identical bids. Upon selecting a winning bid, the issuer affirms its acceptance of the bid with its signature on the bid form. This constitutes the issuer’s acceptance.

The winning syndicate will announce an order period, during which investors may purchase bonds from the syndicate according to the pricing set forth in the winning bid. The order period may last anywhere from one hour to five days. Within the order period, orders are generally allocated without consideration of the time of submission. If bonds remain unsold after the order period, depending on the terms of the syndicate letter, they may be redistributed among the members and reoffered at the offering price (in a new order period) or sold at a discount.

Remember: The order period generally lasts from one hour up to five days.

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