Module III· Capital Markets FundamentalsBasic
Question

What is an underwriting syndicate, and how is it structured?

Answer

An underwriting syndicate is the group of banks executing a securities offering. It usually includes global coordinators, bookrunners, co-leads, and co-managers. Senior roles advise on structure, lead investor education, run the book, and allocate securities. Junior roles may provide distribution support. Economics and league-table credit follow the syndicate hierarchy.