We confirm prior evidence that bonds on average are offered at prices below their immediate post-offer secondary market prices. However, in cases where banks lead-manage their own bond offerings the underpricing is significantly less as compared to other non-self-marketed offerings. These...

Tack-on bond issues are additional offerings, with the same terms and CUSIP, of an existing bond series. We provide new evidence of systematic underpricing for tack-on corporate bonds. These bonds are offered at prices significantly below their immediate post-offer secondary market prices. By...