An offering of a new issue in which underwriters are jointly and severally responsible for placing the total offering. Each underwriting firm is liable for placing unsold portions of the issue from other underwriters. For instance, suppose an underwriting firm is responsible for placing 15% of an issue and does so. If the entire issue is not placed, the firm must assist in placing the remainder, even if it is greater than the original 15%. This contrasts with a Western account, in which underwriters are liable for placing only their assigned percentage of the offering.
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