Traditional Underwriting Underwriting syndicate - a temporary combination of investment banking firms formed to sell a new security issue. A. Competitive-bid The issuing company specifies the date that sealed bids will be received Competing syndicates submit bids The syndicate with the highest bid wins the security issue. 19-919-9 Traditional Underwriting A. Competitive-bid The issuing company specifies the date that sealed bids will be received. Competing syndicates submit bids. The syndicate with the highest bid wins the security issue. Underwriting syndicate -- A temporary combination of investment banking firms formed to sell a new security issue