Syndicate 

A group of underwriters formed for the purpose of participating jointly in the initial public offering of a new issue of municipal securities. The terms under which a ?syndicate? is formed and operates are typically set forth in an ?agreement among underwriters.? One or more underwriters will act as manager of the ?syndicate? and one of the managers will act as lead manager and ?run the books.? A ?syndicate? is also often referred to as an ?account? or ?underwriting account."