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 classic literature ?
I saw no more than a big snake making foolish circles till the dark came.
They pass also at their just rate; for how can they otherwise, in circles which exist as a sort of herald's office for the sifting of character?
A score of howling blacks pushed and buffeted the prisoner down the village street and bound him to the post in the centre of the circle of little fires and boiling cooking-pots.
The highest society then consisted, and I think always consist, of four sorts of people: rich people who are received at Court, people not wealthy but born and brought up in Court circles, rich people who ingratiate themselves into the Court set, and people neither rich nor belonging to the Court but who ingratiate themselves into the first and second sets.
You know 'm, Jerry, you known the black fella boy," he said, his words quick and exciting, his hand moving in questing circles toward the blacks.
There exist," said Barbicane, "several kinds of circles on the surface of the moon, and it is easy to see that Copernicus belongs to the radiating class.
The natural world may be conceived of as a system of concentric circles, and we now and then detect in nature slight dislocations which apprise us that this surface on which we now stand is not fixed, but sliding.
Billee, terrified into bravery, sprang through the savage circle and fled away over the ice.
The center of this circle was the Countess Lidia Ivanovna.
The family, too, though so kind and hospitable, had that consciousness of unity among themselves, and separation from the world at large, which, in every domestic circle, should still keep a holy place where no stranger may intrude.
Then the old woman, with an air of mystery which drew the circle closer round the fire, informed them that she had provided her grave- clothes some years before -- a nice linen shroud, a cap with a muslin ruff, and everything of a finer sort than she had worn since her wedding day.
From the main truck of the average tall ship the horizon describes a circle of many miles, in which you can see another ship right down to her water-line; and these very eyes which follow this writing have counted in their time over a hundred sail becalmed, as if within a magic ring, not very far from the Azores - ships more or less tall.