About Pre-Orders

Multi-Bank Securities, Inc. (MBS) pre-orders are guaranteed all-in prices (“takedowns”) for terms that we are actively looking to place with FDIC-insured banks.

MBS provides liquidity to fund your brokered CDs from numerous locations and diversified sources, including:

• In-house institutional sales (e.g., financial institutions, wealth management firms and money managers, trusts, insurance companies, corporations, etc.)
• In-house municipal sales (e.g., cities, counties, special districts, school districts, etc.)
• eConnectDirect^® and ECNs
• Syndicate sales and street distribution (hundreds of dealers and retail outlets)

We constantly monitor daily trade volumes and trends and manage demand from our clients. Often, our investor demand outpaces the supply of inventory, or clients are seeking specific issuer and offering attributes that don’t readily exist (e.g., issuer financials, settlement dates, maturity dates, etc.). When this occurs, we publish the known or projected volume as pre-orders. As a DTC issuer, this demand is offered to you as a guaranteed placement or takedown order.

Order Quantities

Unless otherwise discussed, the published quantity is the maximum amount of the takedown. Submitted order requests greater than the maximum are permitted and will be funded on a best efforts basis, reflected within the Terms Agreement. Conversely, most pre-orders can be broken up into smaller order quantities. Minimum order quantities, as applicable, will be noted on the offering. Click the Preview button next to an emailed offer to view more details about that offer.

Frequently Asked Questions

Are all of the pre-orders I see available to my bank?
We pre-qualify issuers individually for published or distributed pre-orders through our in-house technology. If you see it, your bank is qualified to accept it. MBS reserves the right to revise or reject any guaranteed portion of a listed pre-order at the time of request. The counter-signed Terms Agreement will reflect all applicable commitments on your order.

How can I (the issuer) lock in all or part of a pre-order?
There are three ways issuers can do this:

1. Submit your order request online. Simply click the Preview button in the Pre-Order email you receive from MBS and follow the prompts.
2. Reply to the pre-order email and your account representative will forward you a Terms Agreement to review and sign.
3. Call (866) 355-0109 to discuss or place your order.

Will other brokers see my CD if I accept a pre-order?
As all DTC issues are assigned a CUSIP number, the simplest answer to this question is yes. Although market visibility can sometimes be delayed, eventually it does get published.

Can I settle my CD before or after the published dates?
Sometimes. If you want a date outside the date range provided, please call (866) 355-0109 to discuss.

Can I get better pricing than the published pre-orders?
Sometimes yes, sometimes no. One of the values of pre-orders is that it removes the uncertainty of funding your order. Best efforts levels are always needed, and firm bids can be provided.

Do I have to take all of a published pre-order?
Typically no. Minimum order quantities are noted on each offering.