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The institution managing investor orders and allocations for a financing transaction.
During book-building, prospective participants submit indications or orders. The bookrunner coordinates those requests and supports decisions on pricing and allocations under the mandate. Orders may change, duplicate interest may need reconciliation, and commitments can be conditional. The role can overlap with lead arranger or underwriter, but those titles describe different functions and should not be treated as interchangeable promises.
Suppose three institutions request J$400 million, J$350 million and J$250 million in a J$700 million bond issue. The book records J$1 billion of requested participation. After assessing the orders and terms, the issuer and its intermediaries allocate only the J$700 million offered. The bookrunner has coordinated demand; that does not mean it supplied J$1 billion of its own money.