Underwriting involves the purchase of a bond or note issue from an issuer and the subsequent marketing and reselling of the bonds to both retail and institutional investors. The underwriter is the securities dealer who purchases the bond or note issue from an issuer and resells it. The difference between the price at which an issue is purchased from an issuer and that at which it is reoffered by the underwriters to the first holders is commonly known as the "spread" or "underwriter's discount." The spread represents our fee or profit from an underwriting assignment.

Janney's success in the underwriting arena is a direct result of the experience and expertise of our investment banking professionals and their unparalleled ability to structure and market municipal bond issues. As we continue to build our collective years of underwriting experience, we constantly strive to explore and implement innovative financing techniques that best serve the borrower's interests. We welcome the unique challenges posed by every underwriting assignment and look forward to the opportunity of working with you in the future.

Please feel free to contact us to discuss our underwriting services in greater detail.