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20:43 Nov 10, 2007
English to Japanese translations [PRO] Bus/Financial - Finance (general)
English term or phrase:issue , issuance
Assumption: only the good borrower is creditworthy.
If investors knew the borrower's type, the good type, who would be the only one to be financed, would offer to keep R in the case of success, where R is such that the issue is sold at par.
The issue is not only subscribed. It is also underpriced, i.e. investors more than break even. This means that there must be rationing at the issuance.