US 10 Yr
US 30 Yr
CAN 10 Yr
CAN 30 Yr
USD/CAD
Overbond Academy Bond Issuers

Bond Issuers - Investor Marketing & Distribution

Issuers engage in a roadshow to promote potential offerings to investors and receive feedback

Overbond Academy Logo

Investor Marketing & Distribution

Marketing the Deal

Dealers and issuers market to investors in the primary bond market in order to introduce the new issue to investors. In addition, the marketing process entails educating investors on the new issue security’s specific features and structure. This process provides dealers and issuers with the necessary information to present the issuer with an informed forecast regarding the demand of the new issue.
Overbond Academy - Marketing New Issue

Expression of Interest

An expression of interest is an underwriting expression showing a conditional, non-binding interest in buying a new issue. Investors provide the issuer and dealers with an expression of interest to aid them in the price discovery process. The expression of interest also allows investors to communicate specific needs and conditions to the issuer regarding the new issue.

Road Show

Road shows are presentations set up by dealers for the issuer to present pertinent information to potential investors. They give the issuer an opportunity to solicit interest from investors and address any immediate investor concerns. There are two types of roadshows:
  1. Non-deal road show – issuer has not indicated any immediate interest in launching a new issue. This type of road show involves introducing the issuer’s management team to investors and providing investors with a business and financial overview. This presentation does not contain any deal-specific information and aims to maintain investor relationships for future financing activities.
  2. Deal-specific road show – issuer intends to issue debt in the near future. This type of road show is similar to a non-deal road show with the addition of preliminary terms of an expected upcoming new issue. Investors should be provided with a copy of the preliminary prospectus, credit rating agency reports, and an indicative term sheet for the new issue. The order book may be open during the road show to accept expression of interests from investors. By doing so, dealers provide the issuer with an understanding of the market conditions for the new issue.

Reverse & Soft Sound

After the marketing period, investors have the opportunity to express needs and interests, through a reverse inquiry. This is a good-faith gesture that supplements the issuer’s marketing period sentiments. Dealers may also target individual institutional investors to solicit an expression of interest. This is known as soft sounding. This discussion is aimed at gauging specific interest in a potential deal structure and pricing.

Overbond BPS Logo