Retention(redirected from circumferential retention)
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The number of units allocated to an underwriting syndicate member less the units held back by the syndicate manager for facilitating institutional sales and for allocation to nonmember firms. In the context of construction contracts, an amount retained from construction contract payments (5-15% of the contract price) to ensure the contractor completes the construction before the retention is returned.
The securities that are distributed to members of an underwriting syndicate after accounting for the portion of the new issue retained for sales to institutions and members of the selling group who are not also part of the syndicate.