Bond arranger
The bank or investment firm preparing a placement: it structures the issue, gathers demand and allocates the bonds.
How to read the number
The arranger is responsible for the issue being sold, and its interest lies in the placement rather than in where the bond trades afterwards.
When the metric lies
Research by the arranger on its own placement is part of selling the issue, not an independent assessment. That does not make it false, but it does require an allowance for the author's role.
Also known as: bookrunner, underwriter of an issue