How to purchase a bond?
Thread Starter
dɐɹɔ ǝɥʇ ʇɐɥʍ
Joined: Jan 2004
Posts: 7,522
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From: Lexington, KY
How to purchase a bond?
I have a friend who wants to purchase the new Shea Stadium bond, not so much as a strong investment(which it very well may be) but rather to have a piece of baseball history. I don't know anything about purchasing bonds like this, how does one do it?
Suzuka Master
Joined: Oct 2003
Posts: 7,516
Likes: 1
From: Lakeway, TX
Find out who the underwriters are and open an account at that firm. Depending on the brokerage firm's policies the investment minimum could be anywhere from $25K to $100K for a new issue municpal bond and most firms won't even issue a certificate.
I feel the need...
Joined: May 2004
Posts: 14,957
Likes: 515
From: Motown
^^If it's in hot demand, he'll have to put in for allocation - he may not get all the bonds he wants even. Although retail accounts usually get priority over institutional because they are considered 'going away'.
And yes, Speedy is correct - virtually all new bond issues are held in street name.
And yes, Speedy is correct - virtually all new bond issues are held in street name.
I feel the need...
Joined: May 2004
Posts: 14,957
Likes: 515
From: Motown
Originally Posted by Tireguy
I have a friend who wants to purchase the new Shea Stadium bond
Hope your buddy had an account w/ Smith Barney, the deal was oversubscribed...
Citigroup Inc. led the banks that underwrote the Mets sale on Aug. 15, which attracted about $3.2 billion of orders for $613 million of bonds, enabling the banks to cut yields by 6 basis points.
http://www.bloomberg.com/apps/news?p...eOc&refer=home
http://www.bloomberg.com/apps/news?p...eOc&refer=home
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