Eastern Account

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Eastern Account

An offering of a new issue in which underwriters are jointly and severally responsible for placing the total offering. Each underwriting firm is liable for placing unsold portions of the issue from other underwriters. For instance, suppose an underwriting firm is responsible for placing 15% of an issue and does so. If the entire issue is not placed, the firm must assist in placing the remainder, even if it is greater than the original 15%. This contrasts with a Western account, in which underwriters are liable for placing only their assigned percentage of the offering.
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Around 81 per cent of the issuance went to Middle Eastern accounts, with 19 per cent allocated to Asian and European investors.
Barista champion Srinath will be responsible for managing Marco's existing Middle Eastern accounts and to develop business across the Middle East, Egypt and India amongst distributors and wholesalers.
US investment bank, custodial, Middle Eastern accounts all bidding Sterling.
Jessup will cover European and Middle Eastern accounts for ordinary, and ADR, international equities.
UK clearer offering Cable; Middle Eastern accounts bids.