The bonds have already been issued directly by the entity. What
categores of individuals or companies in the financial field would act
as sales agents of these bonds to the public or corporate/instituional
buyers?  There are lists of "investment banks", "pension fund
managers", "brokerage houses" "investment couselors", etc, etc. We
would be very appreciative and tip well for an answer that directs us
to the proper categories (as accurate and extensive as possible) of
people to whom we can address our request to act as middlemen.  We can
email a prospectus to you if it would be helpful. The entity issuing
the bonds is non-profit, and the bonds pay back interest and principal
over 5 years. They can be sold to "qualified buyers" (those with a
level of financial income that presumes basic knowledge of finance).

---

Request for Question Clarification by easterangel-ga on 13 Sep 2005 06:51 PDT

Hi!

What do you mean when you say: 

"There are lists of "investment banks", "pension fund managers",
"brokerage houses" "investment couselors", etc, etc."

Are you asking which of these types of organizations are the right
ones to approach to act as middlemen for selling bonds that are
already issued?

--------------------
As regards your next statement:

"We would be very appreciative and tip well for an answer that directs us
to the proper categories (as accurate and extensive as possible) of
people to whom we can address our request to act as middlemen."

Does it mean that once we get the right category, you would want us to
assemble a list of companies based on these categories? Does it also
mean that you will be the one to approach these companies and you just
need the contact information?

Thanks!

---

Clarification of Question by kachmani-ga on 13 Sep 2005 07:35 PDT

Are you asking which of these types of organizations are the right
ones to approach to act as middlemen for selling bonds that are
already issued?
GIVING SOME EXAMPLES OF POSSIBILITIES AND ASKING IF THESE OR OTHERS
NOT MENTIONED WOULD BE RIGHT ONES TO APPROACH

Does it mean that once we get the right category, you would want us to
assemble a list of companies based on these categories? Does it also
mean that you will be the one to approach these companies and you just
need the contact information?
MOST IMPORTANT IS CATEGORIES - AS SPECIFIC AS POSSIBLE - A COUOPLE OF
REPRESENTATIVE COMPANIES FROM EACH CATEGORY WOULD BE USEFUL, BUT
ASSEMBLING A LIST OF INDIVIDUAL COMPANIES ISN'T NECESSARY. WE WOULD
APPROACH THE COMPANIES.

---

Request for Question Clarification by easterangel-ga on 13 Sep 2005 09:07 PDT

Hi again!

So basically, you are just looking for different types of
organizations that are sales channels for these types of bonds? I was
able to confirm two categories that will be able to do these for you.

Will this be ok as an answer?

Thanks!

---

Clarification of Question by kachmani-ga on 13 Sep 2005 14:25 PDT

So basically, you are just looking for different types of
organizations that are sales channels for these types of bonds? I was
able to confirm two categories that will be able to do these for you.

Will this be ok as an answer?
ARE YOU SPEAKING OF 2 CATEGORIES WE LISTED OR TWO YOU CAME UP WITH?
MORE CATEGORIES WOULD BE BETTER EVEN IF IT TOOK SOME TIME. WE ARE IN
EUROPE SO WE WOULD ONLY SEE YOUR REPLY TOMORROW. (EVEN THOUGH WE ARE
IN EUROPE THE BONDS ARE ISSUED BY A US ENTITY AND WILL BE SOLD IN US)

Hi! Thanks for the question.

Please take note that before providing a rating; please ask for
clarification if you will need further assistance in the answers I
have provided below.


It seems that there will be very limited avenues or sales channels for
you to do this and most have already been mentioned in your list. But
I found other channels you maybe interested in as well. Whether these
are for profit or non-profit entities, these are the major players in
selling bonds.

1. Investment Banks ? Most bonds are marketed by investment banks.

?Sometimes the investment banker markets a new issue but does not
underwrite it.  The investment bank simply acts as a sales agent under
a best efforts agreement, promising to do its utmost to market the
bonds.  The investment bank has the option to buy the bonds and
usually purchases only enough bonds to meet buyer demand, receiving a
commission on the bonds sold.?

?How Do Investment Bankers Issue Bonds??
http://news.morningstar.com/classroom2/course.asp?docId=5458&page=3&CN=COM 

Examples of Investment Banks
http://directory.google.com/Top/Business/Financial_Services/Investment_Banks/ 


------------------------------------
Other entities can be used as well 

2. Underwriters (Investment banks can act as underwriters as well)

?When bonds are to be sold publicly, municipal issuers almost always
sell the bonds to an underwriter who then sells bonds to investors.
The terms of the sale of the bonds from the city to the underwriter
are included in the ?Bond Purchase Contract.? The contract specifies
the price the underwriter will pay for the bonds, will include
representations of the city (that the information in the preliminary
and final official statements is accurate and that there are no
material omissions, that the City is authorized to issue and sell the
bonds and that there is no litigation challenging the bond issue, for
example), and will detail the requirements that must be met at the
closing and delivery of the bonds.?

?BONDS 101: A Primer on Capital Financing Methods Employed by Washington Cities?
http://www.prestongates.com/images/pubs/BONDS101.pdf 


------------------------------
3. Bond Dealers
Examples: http://www.bondmarkets.com/regionaldealers/ 

?Most other governments and corporations use a different system of
distributing new issues, namely offering them to investors through
bond dealers. The bond dealers earn a commission for distributing the
bonds to investors.?

?How Bonds Trade?
http://www.finpipe.com/tradebnds.htm 


------------------------------------
4. Mutual Funds
Examples: http://www.ici.org/funds/mem/list_open-end.html#TopOfPage

5. Closed-end funds
Examples: http://www.ici.org/funds/mem/list_closed-end.html#TopOfPage

6. Unit Investment Trusts
Examples: http://www.ici.org/funds/mem/list_uits.html#TopOfPage 

?'Bond fund' and 'income fund' are terms used to describe a type of
investment company (mutual fund, closed-end fund, or Unit Investment
Trust (UIT)) that invests primarily in bonds or other types of debt
securities. Depending on its investment objectives and policies, a
bond fund may concentrate its investments in a particular type of bond
or debt security?such as government bonds, municipal bonds, corporate
bonds, convertible bonds, mortgage-backed securities, zero-coupon
bonds?or a mixture of types.?

?Bond Funds?
http://www.sec.gov/answers/bondfunds.htm 


------------------------------
Although in this article, insurance companies and government
retirement unit funds buy from investment banks, it seems you may also
offer your issued bonds to them and see if they will be interested.

7. Insurance Companies
Examples: http://dir.yahoo.com/Business_and_Economy/Shopping_and_Services/Financial_Services/Insurance/

8. Government Retirement Unit Funds
Example: http://www.ost.state.wi.us/home/lgip.htm
http://www.in.gov/perf/pe/2005_legislation.html 

?Investment bankers also may sell newly issued bonds through private
placements to large, institutional investors like insurance companies
or government unit retirement funds.?

?The Process of Issuing Bonds?
http://news.morningstar.com/classroom2/printlesson.asp?docId=5458&CN=COM  


Search terms used:
Bond issuing process
Institutional bond buyers
Types of bond traders
Bond funds
Insurance companies
Investment banks
Dealers brokers

I hope these links would help you in your research. Before rating this
answer, please ask for a clarification if you have a question or if
you would need further information.
                                                          
                              
Regards,                              
Easterangel-ga                              
Google Answers Researcher

---

Request for Answer Clarification by kachmani-ga on 14 Sep 2005 06:03 PDT

I GATHERED FROM YOUR ANSWER:
IN TERMS OF MIDDLEMEN IN THE SALE OF BONDS THRE ARE 2 TYPES:
1. UNDERWRITERS WHO BUY THE WHOLE ISSUE AND THEN RESELL
2. BOND DEALERS - AND TYPICALLY BOND DEALERS WORK AT THE BOND TRADING
DESKS OF MAJOR INVESTMENT BANKS AND BROKERAGE FIRMS.

CATEGORIES 4-7 IN YOUR ANSWER ARE POTENTIAL PURCHASERS OF BONDS, BUT NOT MIDDLEMEN.

IS THE ABOVE CORRECT ACCORDING TO YOUR RESEARCH?

I GATHER FROM YOUR ANSWER THAT INVESTMENT BANKS/BROKERAGE HOUSES ARE
THE ONES WHO WOULD BE MIDDLEMEN IN SELLING BONDS, AND THAT "BOND
DEALERS" DO NOT SEEM TO EXIST (GENERALLY) AS A SEPARATE CATEGORY OF
FIRMS, BUT ARE GENERALLY A SECTION OF INVESTMENT BANKS/BROKERAGE
FIRMS?

PLEASE CONFIRM IF MY SUMMARY IS CORRECT, OR CORRECT (EXPAND) AS NEEDED. THANKS.

---

Clarification of Answer by easterangel-ga on 14 Sep 2005 14:49 PDT

Yes you're summary is partially correct. However I included categories
4-7 since it maybe possible to approach them and they maybe interested
in your offering since it will cut the usual middleman (underwriters
and investment banks) and thereby get better prices on the bonds.

Individual dealers meanwhile do exists generally but they do have
other services. Here is another list that I saw.

Bond Dealers
http://www.internotes.com/index.cfm?fuseaction=dealer.main

I hope this will be of help.

Thanks!

If you are looking for someone to just liquidate the holdings at
market level then I knwo of a company that does exactly that.  They
are a liquidation company that liquidates Stocks, Bonds, Brokerage Cds
and Mutual Funds, for people who either are holding the assets or have
the assets at a Broker/Dealer.  The reason fo their service is to save
people money on the liquidation and transfer of their assets.  After
they liquidate the assets their wire the monies to your liking.  If
you have an account at a B/D and want to liquidate and do not want to
pay the commission of up to the B/D fees, which can be upto 5%, then
this is the right avenue.  They are designed to help independent
clients and advisors transfer and liquidate these holdings and they do
so alot less than most people could recieve.  They are able to do this
because the trade at such high volumes that their costs or very
competitive.

Their email is: info@capitalaccounttransfers.com
Phone number is: 800-346-2914

Harold,
Please read the terms of conditions and FAQs.  Google Answers in not a
place to advertise, indeed, doing so could be bad for your
relationship with the big Google.  If you are clever, you will ask
GA-editors to delete the comments that you have posted already.
Myoarin