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 ?
Previous studies have found a significant difference in the prevalence of anatomical variants of the cerebral arterial circle among different ethnic groups (De Silva et al, 2009; Klimek-Piotrowska et al.).
The difference between cadaveric and imaging studies is that in cadaveric studies the most prevalent variants were located in the anterior communicating artery, which is the smallest vessel we studied in the anterior circulation of the cerebral arterial circle, and in imaging studies, the absence of this same vessel prevailed.
In Mexico, there are two studies of the anatomical variants of the cerebral arterial circle. Monroy-Sosa et al.