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Group Net Order is one where the sales credit for the order is shared by members of the syndicate, based on their participation. A member may designate their orders as a grop net orders to give them a better chance of being filled. The entire sales credit, less the management fee, is deposited in the syndicate account.
When a syndicate is underwriting a municipal bond issue that is in high demand there may be more orders to purchase the bonds than there are bonds available. In an effort to ensure that a client’s order gets filled a syndicate member may elect to share the commission for selling the bonds with the members of the syndicate by designating the order as a group net or syndicate order.