Underwriter: A bank or other financial institution that arranges for the sale and distribution of securities and assumes the responsibility for paying the net purchase price. In most instances, the underwriter deals in new issues and with the issuing entity. An investment underwriter guarantees the sale of a securities issue by purchasing the entire issue from the company and then selling it to the public. Underwriting is one function of an investment banker. See also Syndicate.
Unlimited Tax Bond: A municipal bond secured by the pledge of taxes that are not limited by rate or amount.
Unlisted Securities: Securities that are traded in the over-the-counter markets rather than through a recognized exchange.
Validation Proceedings: The legal proceedings required in some states whereby the courts decide the validity of proposed bond issues.
Visible Supply: The total dollar volume of new municipal bond issues coming up for sale within the next 30 days.