A borrower desiring to raise funds by issuing to the investing public will contact an investment banker and ask it to serve as of an underwriting syndicate that will bring the bonds to market. The lead manager will usually invite other banks to form a to help negotiate terms with the borrower, ascertain market conditions, and manage the issuance. The managing group, along with other banks, will serve as underwriters for the issue. Most of the , along with other banks, will be part of a selling group that sells the bonds to the . The various members of the underwriting syndicate receive a portion of the (usually in the range of 2 to 2.5 percent of the issue size), depending upon the number and type of functions they perform. The receives the spread, and a serving as only a member of the selling group receives a portion