Bear Stearns Announces First Online Bond Auction; Establishing A New Precedent In Corporate Bond Underwriting.Business Editors NEW YORK--(BUSINESS WIRE)--August 8, 2000 Bear, Stearns & Co. Inc. announced today its intention to launch the first corporate bond issue to be priced via an Internet-based Dutch Auction Dutch Auction An auction where the price on an item is lowered until it gets its first bid, and then the item is sold at that price. Notes: The U.S. Treasury (and other countries) uses a Dutch auction when it sells securities. system. Bear Stearns' proprietary system, Dutch Auction internet Syndication System ("DAiSS"), utilizes a modified Dutch Auction pricing engine to provide issuers and investors with an automated, transparent system for pricing and distributing fixed income securities in the primary market. DAiSS represents the next step in the evolution of corporate bond underwriting and represents a significant enhancement to the technology developed in Internet-based order entry systems, such as Bear Stearns' iBOSS. As with electronic order systems, DAiSS also provides integrated information and electronic documentation delivery, settlement and clearing. The initial offering via DAiSS is expected later this week, market conditions permitting. The issuer and the terms of the transaction will be announced in a subsequent press release. Please contact your Bear Stearns The Bear Stearns Companies, Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc., one of the largest global investment banks and securities trading and brokerage firms in the world. representative or Bear Stearns Fixed Income Syndicate on 212-272-5371 for further information. Founded in 1923, Bear, Stearns & Co. Inc. is a leading worldwide investment banking and securities trading securities trading, financial activity involving transactions of property such as stocks, bonds, commodities, and currency (see securities). Although the trading of stocks and bonds dates back several centuries in many Western nations, the development of the and brokerage firm, and the major subsidiary of The Bear Stearns Companies Inc. (NYSE NYSE See: New York Stock Exchange :BSC (Binary Synchronous Communications) See bisync. ). With approximately $24.6 billion in total capital, Bear Stearns serves governments, corporations, institutions and individuals worldwide. The company's business includes corporate finance and mergers and acquisitions, institutional equities and fixed income sales, trading and research, private client services, derivatives, foreign exchange and futures sales and trading, asset management and custody services. Through Bear, Stearns Securities Corp., it offers global clearing services to broker dealers, prime broker clients and other professional traders, including securities lending Securities Lending When a brokerage lends securities owned by its clients to short sellers. Notes: This allows brokers to create additional revenue (commissions) on the short sale transaction. . Headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , the company has more than 10,600 employees located in domestic offices in Atlanta, Boston, Chicago, Dallas, Los Angeles, San Francisco and San Juan; and an international presence in Beijing, Buenos Aires, Dublin, Hong Kong, London, Lugano, Sao Paulo, Shanghai, Singapore and Tokyo. For additional information about Bear Stearns, please visit our Web site at http://www.bearstearns.com. |
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