When firms need to raise capital they may choose to sell or float securities. These new issues of securities typically are marketed to the public by investment bankers in the primary market. Trading of already-issued securities among investors (26) in the secondary market. There are two types of primary market issues of common stock. (27) public offerings, or IPOs, are stocks issued by a formerly (28) owned company that is going public, that is, selling stock to the public for the first time. Seasoned new issues are offered by companies that already have floated (29) . For example, a sale by IBM of new shares of stock would (30) a seasoned new issue. In the case of bonds, we also (31) two types of primary market issues, a public offering and a private (32) . The former refers to an issue of bonds sold to the general investing public that can then be traded on the secondary market. The (33) refers to an issue that usually is sold to one or a few new institutional investors and is (34) . Public offerings of both stocks and bonds typically are marketed by investment bankers who in this role are caller underwriters. More than one investment banker usually markets the securities. A lead firm forms an underwriting syndicate of other investment bankers to share (35) the security issue. Investment bankers advise the firm regarding the terms on which it should attempt to sell the securities.