Syndicate

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Related to Underwriting syndicate: Securities Act of 1933

Syndicate

An association of individuals formed for the purpose of conducting a particular business; a Joint Venture.

A syndicate is a general term describing any group that is formed to conduct some type of business. For example, a syndicate may be formed by a group of investment bankers who underwrite and distribute new issues of Securities or blocks of outstanding issues. Syndicates can be organized as corporations or partnerships.Newspaper or press syndicates came into existence after the Civil War. A press syndicate sells the exclusive rights to entertainment features, such as gossip and advice columns, comic strips, and serialized books, to a subscribing newspaper in each territory. These "syndicated" features, which appear simultaneously around the United States, can generate large sums for the creators of the features and for the syndicate that sells them. Similarly, when television programs are syndicated, one station in each television market is allowed to broadcast a popular game show or rebroadcast a popular network series. A syndicated show may be televised at different times depending on the schedule of the local station. In contrast, on network television, a program is televised nationally at one scheduled time.

The term syndicate is also associated with Organized Crime. In the 1930s, the term crime syndicate was often used to describe a loose association of racketeers in control of organized crime throughout the United States. For example, the infamous "Murder, Inc." of the 1930s, which was part of a national crime syndicate, was founded to threaten, assault, or murder designated victims for a price. A member of the crime syndicate anywhere in the United States could contract with Murder, Inc., to hire a "hit man" to kill a person.

syndicate

n. a joint venture among individuals and/or corporations to accomplish a particular business objective, such as the purchase, development, and sale of a tract of real property, followed by division of the profits. A joint venture, and thus a syndicate, is much like a partnership, but has a specific objective or purpose after the completion of which it will dissolve. (See: joint venture)

References in periodicals archive ?
The evidence presented thus far indicates that an increase in the number of co-managers in the underwriting syndicate is associated with an increase in information production and certification during the premarket period and with an increase in analyst coverage during the postmarket era.
The offering was made through an underwriting syndicate led by Credit Suisse First Boston LLC and Citigroup Global Markets Inc., acting as joint book-running managers.
Investments banks often team up in an underwriting syndicate to sell the bond, but there are different levels of participation.
The lead managers of the underwriting syndicate were UBS Investment Bank 9NYSE: UBS), Citigroup (NYSE: C), Morgan Stanley (NYSE: MS) and Wells Fargo Securities (NYSE: WFC).
Brookfield issued 8 million Class AAA Preference Shares, Series J, at a price of C$25 per share with a yield Of 5.0% per annum including 2 million shares issued on the exercise of an option granted to the underwriting syndicate.
The lead managers of the underwriting syndicate were UBS Investment Bank (NYSE: UBS), Citigroup (NYSE: C), Morgan Stanley (NYSE: MS) and Wells Fargo Securities (NYSE: WFC).
Brookfield issued 8 million Class AAA Preference Shares, Series F at a price of C$25.00 per share to yield 6% per annum, including 2 million shares issued on the exercise of an option granted to the underwriting syndicate. The net proceeds will be used to redeem C$200 million of Class AAA preference shares currently outstanding with an average coupon of 8.75% and held by Brascan Corporation.
American Realty Capital said its underwriting syndicate for this offering was led by Ladenburg Thalmann & Co.
The lead managers of the underwriting syndicate were UBS Investment Bank, Citigroup, Morgan Stanley and Wells Fargo Securities.