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Severally but not jointly

The financial definition for Severally but not jointly:

An agreement between members of an underwriting group buy a new issue (severally), but not to assume joint liability for shares left unsold by other members.




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Jointly and severally

Jointly and severally
Municipal bond underwriting in which the account is undivided and syndicate members are responsible for unsold bonds in proportion to their participation, regardless of how many bonds they may have already sold. A firm with 20% of the account is responsible for selling 20% of the unsold bonds even if has already sold 25% of the total debt issue, for example. See: Severally but not jointly.




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