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 ?
Enjoy them while you can, because they will eventually be history ( until the wheel of automotive fashion turns full circle again and a completely new generation of designers claim they have invented them for the first time in the year 2020.
Casablanca has stood the test of time, yet contains none of the aforementioned; yes, two people are shot, the resistance fighter at the beginning and the German Major at the end - thus endorsing life's greatest truth: the wheel always turns full circle, we all get what's coming to us - indeed that shooting generates one of the great quotes: 'Round up the usual suspects.
Finally, his war turns full circle and he's back home, training more raw recruits, but older and sadder about sending "other young, fit men to fight instead of me".