![]() ![]() The bookrunner is also responsible for structuring the financing, and for designing and implementing the transaction. If it exists, it refers to the entity or entities - there could be several - designated by the company to coordinate the syndication process. The key roles in the market for syndicated loans are: Left-lead or Physical bookrunner: this involves the same functions as the active bookrunner, only for high yield issuances ( bonds issued by companies that are not investment grade).Consequently, they receive much lower fees. They do not perform a function as such, and their role is therefore junior. Co-manager: this is a role that issuers give to entities with which they have some form of cross sell commitment.Passive bookrunner: while not actively involved in placing the bond, and therefore not having access to managing the books, they are included in a higher level and usually receive the same fees and league table credit. ![]() They also organize calls with investors and accompany the issuer on the roadshow. They are responsible for keeping the investor order book and determining the final assignment to each investor, and for keeping the documentation for the issue, which they usually entrust to an external legal advisor.
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