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 ?
Shuler talked about her career coming full circle, now that she is president and CEO of New York City Center, where she performed with the Joffrey decades ago.
And now, coming full circle, Liti Holographies has announced that it is shipping a new instant holographic film suitable for reflection holograms for the home and hobby market (see page 3).
Dickinson's tale of being recruited by Tyra Banks to judge the maddeningly addictive reality series America's Newt Top Model quickly becomes an insult-hurling throw-down about Eileen Ford and fellow judge Kimora Lee Simmons, then it veers off onto the topic of body hair--waxing before coming full circle. In other words, it's a dizzying, ride--and, like its title, perfect.
My journey is coming full circle. Older, wiser, and deeper than in those earlier years when I sat in the cathedral I now sit again, not in my cathedral but in myself.
Now things are coming full circle, as advertisers make their way hack inside the programs themselves, sometimes in subtle ways: The kickboxing spy played by Jennifer Garner on the hit ABC show Alias doesn't use a Nokia phone by accident.
Now the lessons I've learned are coming full circle. Just this past week, I stood in the brisk waters of the Columbia River and gave my 5-year-old niece swimming lessons.
The National Indian and Inuit Community Health Representatives Organization (NIICHRO) hosted a training session for them: Coming Full Circle: Healthy Living and the Aboriginal Frail Elderly.
Life has a funny way of coming full circle, and the weapons given to these groups now threaten America.
This year was a hard one to discern, but after much review, Robert Law's "Coming Full Circle" in the November 2001 issue was named the top winner.
Coming full circle, his brilliant late works allow us privilege to new personae, again addressing the lens to speak to us directly.