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A firm is the managing underwriter for a syndicate underwriting a new issue of general obligations municipal bonds. The director of the municipal bond department decides to allocate the bonds in somewhat different priority than that specified in the agreement among underwriters. Which of the following statements is true?
The manager can deviate from the established priority if such action benefits the syndicate as a whole. The manager must be prepared to justify that any deviation satisfies this condition.
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A firm is the managing underwriter for a syndicate underwriting a new issue of general obligations municipal bonds. The director of the municipal bond department decides to allocate the bonds in somewhat different priority than that specified in the agreement among underwriters. Which of the following statements is true?
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