Underwriting simply means that the investment banker promises to buy the（56) . The investm

According to the passage, underwriting simply means ______.

A．that the investor promises to buy the securities

B．that the investment banker promises to sell the securities

C．that the investment banker promises to buy the securities

D．that the investor promises to sell the securities

A.逆向选择

B.风险分类

C.转让

D.承保(Underwriting) *

Billions of dollars worth of new securities reach the market each year. The traditional (56) in the primary, markets is called an investment banker. The investment banker's principal activity is to bring sellers and buyers together, thus creating a market. He normally buys the new issue from the issuer at an agreed-upon price and hopes to (57) it to the investing public at a (58) price. In this capacity, investment bankers are said to underwrite, or guarantee, an issue. Usually, a group of investment bankers joins to underwrite a security offering and form. what is called an underwriting syndicate. The (59) received by the investment banker in this case is the differential, or spread, between his purchase and resale prices. The risk to the underwriter is that the issue may not attract buyers at a (60) differential.

(41)

A．buyer

B．organizer

C．seller

D．middleman

Space limitation simply required that hard decisions ______ ．(make)