Retention(redirected from pinhole 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.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.
Prior to a new issue, the percentage of securities given to an underwriting syndicate to place with investors after making allowances for any underwriters that are not part of the syndicate as well as placement with institutional investors.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
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.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.