medium · Debt Capital Markets primary-issuance-syndication
The 'new-issue concession' refers to:
- The gross-spread discount the issuer grants underwriters for placing the deal.
- The reduction in principal proceeds the issuer receives if the deal is undersubscribed.
- The legal trustee fee the issuer pays to establish the indenture governing the new bond series.
- The extra spread paid on a new bond relative to where the issuer's existing bonds trade.
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