Placement allocation
The share of an order actually filled: under oversubscription the arranger satisfies orders partially and at its own discretion.
How to read the number
There are no firm rules of distribution, only the arranger's decision, in which large and regular participants usually receive more.
When the metric lies
A position cannot be planned from the size of the order submitted. Having received a small share, the investor tops it up in secondary trading, and as a rule more expensively.
Also known as: allocation of bonds at placement