The term "underwriting syndicate" describes ________.

A) the issuing firm
B) the lead underwriter
C) the investment banks that participate in the underwriting
D) the private investors that purchase the shares

Underwriting syndicate refers to a group of investment banks that work together to underwrite and sell a new securities issue to the public. Each member of the syndicate agrees to purchase a specific number of shares and then resell them to their clients. The lead underwriter, on the other hand, is the investment bank that takes the greatest responsibility for managing the underwriting process. The issuing firm is the entity that is offering the new securities for sale, while private investors may choose to purchase the shares offered by the underwriting syndicate.