Sigorta
kesin taahhutlu aracilık
İngilizce: firm commitment underwriting
Türkçe Tanım
Aracinin menkul kiymet ihracinin tumunu ihraccidan muzakere edilmis bir fiyattan satin almayi kabul ettigi ve satilmayan kisimlar icin tam mali sorumluluk ustlendigi aracilik duzenlenmesidir. Bu yapi ihracciya gelirler konusunda azami kesinlik saglar ancak araciyi piyasa riskine maruz birakir. Kesin taahhutlu aracilik buyuk halka arzlar icin standart yontemdir ve aracinin yalnizca temsilci olarak hareket ettigi en iyi gayret araciliginin tersidir.
English Definition
An underwriting arrangement in which the underwriter agrees to purchase the entire securities issue from the issuer at a negotiated price, assuming full financial responsibility for any unsold portions. This structure provides maximum certainty to the issuer regarding proceeds but exposes the underwriter to market risk. Firm commitment underwriting is the standard method for large public offerings and is contrasted with best efforts underwriting, where the underwriter acts only as an agent.