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When it comes to bond issuance, how crucial is the involvement of an underwriter syndicate in the process?

They seem it be a bit like "hit-and-run" agents who facilitate the issuance, but they quickly sell and are never seen again, meaning they play almost a trivial role in the process. They often (I think) don't bear any risk, for example, as they sell the issuance on to holders very quickly.

Would new policy effecting these underwriter syndicates have any impact in the uptake of securities (say for green bonds, which we want to help grow)?

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  • $\begingroup$ "new policy effecting these underwriter syndicates" is very broad, undoubtedly some would have an effect. $\endgroup$
    – Giskard
    Commented Jan 19 at 7:09
  • $\begingroup$ That's right, this is a it broad. I suppose I'm looking for some information/literature on what an underwriter does so I can assess their importance (particularly concerning how to reduce systemic risk in the system). $\endgroup$
    – apg
    Commented Jan 19 at 13:47

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