easy · Debt Capital Markets primary-issuance-syndication
The 'new-issue concession' refers to:
- The discount given to the underwriters for their services.
- The reduction in principal an issuer receives if the deal is undersubscribed.
- The legal fee paid to the trustee to establish the new indenture.
- The extra spread paid on a new bond relative to where the issuer's existing bonds trade.
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