Underwriter
The bank organising a placement: it gathers orders, negotiates the price and allocates the securities among investors.
How to read the number
It stands between issuer and buyers with two jobs at once: sell the issue high, and leave the buyers room to gain.
When the metric lies
Research from the organiser appears after the placement and concerns the very security it sold. It cannot be read as an independent opinion.
Also known as: underwriter