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 ?
THE wheel of politics seems to have turned full circle with Blair taking Labour policies to the far right and Cameron saying he'll defend the NHS.
BRIAN POTTER'S footballing world turned full circle in the summer when he was appointed goalkeeping coach at East Fife - at the age of only 27.
Now the wheel of fortune has turned full circle for hot hatches and, despite political correctness and the proliferation of speed cameras on every corner, we're gagging for them again.
AN EVER-DECREASING championship challenge turned full circle for bumbling Bees at Brandon last night.
When it came to the final of the William Hill English Derby at Wimbledon in June the wheel turned full circle and it was the turn of Toms The Best to run out the easy odds on winner.
Today, the wheel has turned full circle, and volume production is back at the site.
If the electorate was willing to displace Labour with a Liberal government, the wheel would have turned full circle.
The self-employed electrician has regained the spark to his game after having enjoyed amateur glory, turned professional, then given up golf completely and now turned full circle at the top level of the amateur game.
After a cold call to James (on the advice of a mutual contact), my career path turned full circle when I was offered the auctioneer role with Sutton Kersh.
There was a time when there weren't really any top-class players in Scotland but that has turned full circle with the likes of Stephen Hendry, John Higgins and Alan McManus.
Reading took the lead on the hour when former Arsenal midfielder Steve Sidwell took a pass, turned full circle and shot past keeper Kelvin Davis.