competitive underwriting or sale

What is competitive underwriting or sale?

competitive underwriting or sale meaning in finance or bond terminology / glossary / dictionary is:
A sale of municipal securities by an issuer in which underwriters or syndicates of underwriters submit sealed bids (or oral auction bids) to purchase the securities. The securities are won and purchased by the underwriter or syndicate of underwriters which submits the best bid according to guidelines in the notice of sale. This is contrasted with a negotiated underwriting.

 

reference: Investinginbonds.com

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