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Offerings (“Situation Trading”)

On a daily basis, RW Smith is shown lists of bonds that are offered to the “Street”. An interdealer broker is utilized to move security positions for various reasons. RW Smith provides anonymity and protects our customers’ trading strategy. Further, RW Smith contacts many other potential counterparties in a speedier manner than they would be able to on their own, and this speed of advertising can lead to efficient execution and overall liquidity. Finally, they are also aware that RW Smith specializes in particular segments of the market and knows who the best potential buyer for the bonds might be.

When RW Smith elicits interest on an offering from a potential buyer, the buyer will indicate to RW Smith the price that it would be willing to pay to purchase the bonds.  RW Smith then calls the owner of the bonds to inform that trader of the “bid” price.  Negotiation typically occurs at this point, reported back and forth through RW Smith; if a mutually acceptable price is agreed upon, including a commission for RW Smith, a contemporaneous equally matched trade occurs.

RW Smith represents both buyers and sellers equally in this process.