Circle

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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 ?
HBOS have turned full circle on the housing market and now confidently predict the housing market will pick up by around 10 to 15 per cent before the year end, and not plunge further.
HEURELHO GOMES last night admitted his life has turned full circle in the space of a month and told the Spurs fans: "Now you can see I'm good enough.
Now, however, matters have turned full circle when a jockey can be suspended for deliberate abuse of the whip in order to 'earn' a suspension.
The wheel has turned full circle for Louise who started at Morpeth in 1990.
His life has turned full circle, from being a stray to having a lovely life at the seaside.
The de Boer cycle turned full circle, last week when a call from Ronald persuaded Frank to sign for Rangers, as he was about to join Perugia.
The Holland international's career has since turned full circle and he has been one of the key players in the rejuvenation of Rangers.
I was not surprised to learn that St Cadoc's will be playing a match next week against another school, St John Lloyd, so the wheel has turned full circle since my schooldays.
When the ethos that was punk has turned full circle and what passes for pop music is a bunch of pirouetting wusses with coat hangers strapped to their heads, singing the old classics that your granny used to like in a warbling wail akin to a castrated mahout.
Bees lost a possible 5-1 response in heat five when Ryan Fisher turned full circle on the Coventry turn to earn an exclusion but Richardson outgated Mikael Karlsson again in the re-run to expertly shut the gate on the Wolves No.
The Woolmer wheel turned full circle with his re-appointment as director of coaching for three years, starting early next year.
Today, the wheel has turned full circle, and volume production is back at the site.