{"id":175602,"date":"2020-09-01T19:33:00","date_gmt":"2020-09-01T23:33:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/trading-lessons\/primary-market-constructing-an-initial-sale\/"},"modified":"2026-07-01T13:17:11","modified_gmt":"2026-07-01T17:17:11","slug":"primary-market-constructing-an-initial-sale","status":"publish","type":"trading-lessons","link":"https:\/\/www.interactivebrokers.com\/campus\/trading-lessons\/primary-market-constructing-an-initial-sale\/","title":{"rendered":"Primary Market: Constructing an Initial Sale"},"content":{"rendered":"\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><strong>Already an Interactive Brokers Client?<\/strong><\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/ndcdyn.interactivebrokers.com\/mkt\/?src=taCorpsRTP&#038;url=%2Fsso%2Fresolver%3Faction%3DAccountSettings%26config%3DTradingPermissions\" target=\"_blank\" rel=\"noreferrer noopener\">Request Trading Permissions<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><strong>New to Interactive Brokers?<\/strong><\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/ndcdyn.interactivebrokers.com\/mkt\/?src=taCorpsAcc&#038;url=%2FUniversal%2FApplication\" target=\"_blank\" rel=\"noreferrer noopener\">Open Account<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n \u00a0\n\n<p class=\"wp-block-paragraph\">The corporate bond primary market is generally where&nbsp;sales&nbsp;of initial offerings takes place.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In this lesson, we\u2019ll outline some of the steps involved in the creation of a corporate bond issuance, as well as some of the regulatory rules that govern this process.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Typically, a company that aims to sell debt enlists an investment bank for&nbsp;guidance&nbsp;on how it may best structure the offering, including the&nbsp;bond\u2019s yield, its size, maturity, and whether it should be split into multiple tranches with varying amounts, expiries and fixed or floating rates of interest.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The investment bank also has several&nbsp;options, such as purchasing the entire issuance as a firm commitment underwriting, selling the notes in a best efforts approach, or forming a syndicate \u2013 oftentimes with selling groups \u2013&nbsp; to help it offload the offering onto institutional and retail investors.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When a company&nbsp;issues new bonds,&nbsp;the proposed sale&nbsp;is&nbsp;subject to registration&nbsp;under the&nbsp;Securities Act of 1933,&nbsp;as well as&nbsp;compliance&nbsp;with the&nbsp;Trust Indenture Act of 1939, which generally requires a firm to establish an agreement with a&nbsp;trustee, if its debt issuance exceeds&nbsp;$10 million.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/01\/into-to-corp-bonds_lesson-6_1.jpg\" alt=\"securities act of 1933 and 1939\" class=\"wp-image-2521 lazyload\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Meanwhile, a corporate bond that is offered to the public must be&nbsp;registered&nbsp;with the&nbsp;Securities and Exchange Commission, or&nbsp;SEC, under the&nbsp;Securities Act of 1933.&nbsp;As part of this registration process, the issuer typically provides a long list of details, including:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Certified\u00a0financial statements\u00a0in compliance with U.S.\u202fgenerally accepted accounting principles, or GAAP, as well as<\/li>\n\n\n\n<li>Potential\u00a0risks\u00a0investors may face,<\/li>\n\n\n\n<li>A\u00a0management profile,<\/li>\n\n\n\n<li>A list of\u00a0major investors, and<\/li>\n\n\n\n<li>Certain\u00a0features\u00a0of the proposed\u00a0bond offering.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Investors can also access the company\u2019s&nbsp;prospectus, which is typically submitted by the issuer to the SEC when it registers its bond sale. You can conduct a search in the&nbsp;SEC\u2019s EDGAR system,&nbsp;for example, which houses these prospectuses, as well as other filings required by the regulator.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/01\/into-to-corp-bonds_lesson-6_2.jpg\" alt=\"the SEC\u2019s EDGAR system\" class=\"wp-image-2522 lazyload\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Prospectuses generally include a description of the proposed notes, the company\u2019s&nbsp;use of proceeds, and&nbsp;other relevant items&nbsp;for investors to consider when deciding to purchase a corporate bond.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Alternatively, companies may sell bonds in&nbsp;a\u202fprivate placement&nbsp;to&nbsp;\u2018so-called\u2019&nbsp;qualified institutional investors, such as an&nbsp;investment company, pension fund, or&nbsp;insurance company.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">One of the primary motives&nbsp;for a company to conduct a&nbsp;private placement&nbsp;sale&nbsp;is&nbsp;that the&nbsp;costs&nbsp;involved in the transaction are generally lower than&nbsp;those of&nbsp;public&nbsp;deals. The lower cost is mainly because&nbsp;there are no requirements for its financials to comply with GAAP, or for the securities to be registered with the SEC. Moreover,&nbsp;marketing&nbsp;costs&nbsp;are&nbsp;usually&nbsp;reduced, given that there are&nbsp;not as many investors&nbsp;involved in the transaction.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Once all requirements&nbsp;are satisfied, and an initial structure for the deal is in place, the investment bank or syndicate will&nbsp;open the offering to investors, indicating an&nbsp;initial price or yield for the securities.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Depending largely on the level of orders for the bonds \u2013 or the investors\u2019 demand for the issuance \u2013 pricing typically undergoes an evolution \u2013 meaning, over the course of the sale, a&nbsp;discount, or concession, may be given&nbsp;to increase demand&nbsp;or, if there is&nbsp;significant interest, the bonds may be&nbsp;offered at a higher price&nbsp;than originally announced.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Issuance that receives overwhelming demand from investors may also be&nbsp;\u2018upsized,\u2019&nbsp;meaning the amount of&nbsp;proceeds&nbsp;the company&nbsp;initially aimed to raise&nbsp;may rise&nbsp;in size.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For example, a $500 million corporate bond that is offered at a yield of 6.5% may ultimately be increased to $600 million, with the yield to maturity lowered to 6.0%, if orders for the offering far exceed the original size of the deal.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">After this process is complete, the offering is said to&nbsp;launch&nbsp;and&nbsp;sell at a final price, where it will be&nbsp;introduced in the&nbsp;secondary market for trading purposes.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This lesson offers insights into how a U.S. corporate bond is typically structured and priced in the primary market, including some of the regulatory rules that govern this 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