Muni Bond Underwriting 5.2.3

I may have missed this in the textbook…but do the proceeds of a pre-sale order go the member firm that received the order or are they shared by the entire syndicate (like group net orders)?

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Hi @Mass_coffee_louse - great question. Underwriting fees from pre-sale orders are typically shared across the entire syndicate. I made an adjustment to the reading material to make sure this is clear in the relevant chapter.