Circle

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Related to circling the wagons: circle the waggons

Circle

Underwriters, actual or potential, often seek out and "circle" investor interest in a new issue before final pricing. The customer circled has basically made a commitment to purchase the issue if it is available at an agreed-upon price. If the actual price is other than that stipulated, the customer supposedly has first offer at the actual price.

Circle

Informal; to attempt to find investors for underwriting purposes. Before a new issue, underwriters circle potential investors, who may or may not book an order to buy a portion. Potential investors are provided with a preliminary prospectus if they are circled and indicate interest. It is important to note that circling is non-binding because it is illegal to sell a security that has not been issued. See also: Overbooked, Underbooked, Fully Subscribed, Indication of Interest.

circle

A process used in finding interested buyers of a new security issue before determining the final price. A potential customer will be given a preliminary price (for example, the interest rate for a bond or the selling price for a stock) and will commit to a purchase if the issue is actually priced at the preliminary estimate. A different price permits the customer to back out or to get the first chance to buy the issue at the new price. Compare indication of interest.
References in periodicals archive ?
It would be a huge help to Cheltenham's beleaguered public relations if they spent less time circling the wagons and more listening to those who wish them well.
That is not "history"; it continues today and will continue as long as Catholics insist on circling the wagons and blaming everyone but the hierarchy.
In addition, while Japan's November elections were not a surprise, there was a slap on the wrist from voters in the form of a better-than-expected showing by the merged and re-energized Democratic Party, which had the Liberal Democratic Party circling the wagons and merging with a smaller member of its ruling coalition.
Hunt presents a compelling argument to widen the scope of our activism, embracing more issues in our campaigns, rather than circling the wagons around specific interests.
I'm so ticked off about my grandson, and to think that the publiohealth people have been circling the wagons to cover up the facts
A loss would mean going back and circling the wagons to try to get a result in Italy the week after.