• Payment of a financial obligation earlier than is expected or required.

 Referenced Terms
 Banking group: Includes the Lead underwriter and, in most larger deals, a number of other large investment dealers.

 Beggar thy neighbor devaluation: A devaluation that is designed to cheapen a nation's currency and thereby increase its exports at other countries' expense and reduce imports. Such devaluations often Lead to trade wars.

 Book runner: The managing underwriter for a new issue. The book runner maintains the book of securities sold.Refers to the Lead or managing underwriter who runs or maintains the books for the transaction. Often, this underwriter is given total credit for the size of the deal in some metrics. Here, the total value of the deal would be credited to that underwriter as if they solely did the deal. Of course, other parties would receive their remuneration.

 Bought deal: The Lead underwriter(s) purchase the total amount of the new security issue from the issuing company with the intention of quickly selling the issue to investors.Security issue where one or two underwriters buy the entire issue.

 Comanger: A bank that ranks just below a Lead manager in a syndicated Eurocredit or international bond issue. Comanagers may assist the lead manger bank in the pricing and issue of the instrument.

 Related Terms
 Lead manager

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