The bookrunner is listed first among all underwriters participating in the issuance. When more than one bookrunner manages a security issuance, the parties are referred to as "joint bookrunners", or a "multi-bookrunner syndicate".

The bank that runs the books is the closest one to the issuer and controls the allocations of shares to investors, holding significant discretion in doing so, which places the bookrunner in a very favored position.

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