Lo de la posición lo entiendo como la posición que tienen en el mercado, o algo así. Bueno, es mi humilde aporte. Suerte!

Arranger
An intermediary who arranges, for a fee, a transaction between two end-users without directly participating in the transaction

http://www.ashburton.com/XX_Glossary/

Arranger
The senior tier of a syndication. This implies the entity that agreed and negotiated the project financing structure. Also refers to the bank or underwriter entitled to syndicate the loan or bond issue. Also known as the lead underwriter.

Lead underwriter
The head of a syndicate of financial firms that are sponsoring an initial public offering of securities or a secondary offering of securities. Could also apply to bond issues.
http://www.duke.edu/~charvey/Classes/wpg/bfglosl.htm

Lead underwriter: Líder de la emisión.

http://www.accivalores.com/2_nivel/glosario/ingles/l.htm


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Note added at 6 hrs 23 mins (2004-10-20 17:40:38 GMT)
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lead underwriter

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The commercial or investment bank which has primary responsibility for organizing a given credit or bond issuance. This bank will find other lending organizations or underwriters to create the syndicate, negotiate terms with the issuer, and assess market conditions. also called syndicate manager, ****lead manager***, managing underwriter.

http://www.advfn.com/money-words_term_2746_lead_underwriter....



Director de la Emisión
(Lead Manager)
Intermediario financiero que recibe el encargo de gestionar el aseguramiento y la colocación de una emisión. Es el responsable de la tramitación y la colocación en el mercado primario.

http://www.ahorro.com/acnet/finanzas_personales/glosario_lex...