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The primary market is
only issuers raising capital (and receiving the money) by selling securities
Prospectus:
the disclosure document that details the newly registered securities to investors
prospectus →
corporate securities, disclosures material information (stocks like IPO or follow on, bonds in primary markets)
summary prospectus →
mutual funds (key disclosures only, mutual funds always continuous registration since every share is a new share)
trust indenture →
bonds, a series of covenants (promises) between the issuer and trustee for bondholders
How long is a shelf registration valid?
3 years
A trust indenture is required only for corporate bonds issuance …
greater than $50 million (off of a shelf registration)
The role of a selling group (brought in by an underwriter) is to …
increase bond marketability (to sell more)