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Additional Take Down is the profit to a syndicate member selling municipal bonds to broker/dealers who are not members of the syndicate . The difference between the price the underwriters pay for the bonds and the price at which they resell the bonds to the public is known as the spread. The syndicate members divide up the spread according to their different roles and in accordance with their participation in the issue. The Spread consist of Management Fee, Underwriting Fee , Additional Takedown , and Selling Concession.
The total takedown is what syndicate members can earn on sales of the bonds to their customers. The total takedown consists if the additional takedown and the selling concession.