Cornerstone investor
A large buyer who agrees to participate in a placement in advance and is disclosed before the book opens.
How to read the number
Its participation removes part of the uncertainty for everyone else: a material portion of the issue is covered before orders are taken.
When the metric lies
Its terms may differ from those offered to other buyers, and the end of its holding commitment is a date in its own right, worth treating as an event.
Also known as: cornerstone investor