Glossary of Municipal Securities Terms


The contract among the members of an underwriting syndicate establishing the syndicate rules, including the rights, duties and commitments of the senior manager and the other syndicate members with respect to the new issue of municipal securities being underwritten. In a competitive bid underwriting, the AAU is sometimes referred to as a syndicate account letter. The agreement among underwriters is also sometimes referred to as the underwriting agreement. See: SYNDICATE; SYNDICATE ACCOUNT LETTER; UNDERWRITING AGREEMENT. Compare: SELLING GROUP AGREEMENT.

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