In
investment banking, a bookrunner is usually the main
underwriter or lead-manager/arranger/coordinator in
equity,
debt, or
hybrid securities issuances.[1] The bookrunner usually
syndicates with other
investment banks in order to lower its
risk. The bookrunner is listed first among all underwriters participating in the issuance. When more than one bookrunner manages a security issuance, the parties are referred to as "joint bookrunners",[2] or a "multi-bookrunner syndicate".[3][4]
The bank that runs the books is the closest one to the issuer and controls the allocations of
shares to investors, holding significant discretion in doing so, which places the bookrunner in a very favored position.[5][6]