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Severally But Not Jointly

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Severally but not jointly
An agreement between members of an underwriting group buy a new issue (severally), but not to assume joint liability for shares left unsold by other members.
severally but not jointly
Of or relating to a security offering in which individual underwriters are responsible for selling their initial allocations but are not responsible for any unsold securities allocated to other underwriters. Compare jointly and severally.
Severally But Not Jointly
Describing an underwriting agreement in which several underwriting firms agree to buy a new issue together, but state specifically that they are not responsible for any other firm's unsold portion of the issue. That is, while the underwriting syndicate works together in coordinating the placement of the new issue with investors, each firm is ultimately only responsible for its own portion. See also: Jointly and severally.


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