Maturity by Maturity Bidding (MBM)
A bond auction that allows bidders (who are underwriters) to submit bids for selected maturities in its issue, rather than requiring buyers to bid for the entire issue on an all-or-none (AON) basis. Investopedia Says:
This gives smaller underwriting firms more flexibility, allowing them to bid for part of the issue. Related Terms:
All or None - AON
Bond
Maturity Date
Underwriter
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