1. Which of the following statements are true about when-issued trading?
It takes place before an auction
It provides an efficient means of price discovery
It is a forward contract
All of the above
2. In the event of a corporate bond default, who represents the interests of the bond holders?
Bond trustee
Bond bookrunners
Independent public accountant of the issuer
The issuer's legal counsel
3. The distribution of securities among the underwriters shown in the prospectus supplement reflects the dollar amount of securities for sale allocated to each underwriter.
True
False