What is the function of the underwriting selling group?

The function of the underwriting selling group is primarily to submit orders for the bonds being issued without taking on liability for the bonds. This means that the selling group acts as a facilitator in the bond issuance process, helping to distribute the bonds to investors while the syndicate, typically led by a lead underwriter, bears the financial responsibility for ensuring the successful sale of the entire bond issue.

In essence, the selling group assists by expanding the distribution network of the bonds, thus improving the chances of a successful sale. They do not take on the full risk associated with the bond issuance, which remains with the lead underwriters. This arrangement allows for broader market reach and encourages participation from various brokerage firms and financial institutions that may not be part of the underwriting syndicate but have access to potential investors.

The other options outline functions that are not aligned with the specific role of the selling group. Full liability for the bond issuance is undertaken by the underwriters in the syndicate, not the selling group. Investment advice is generally provided by financial advisors or investment banks, not by the selling group itself. Managing investor relations and communication falls more within the remit of the issuer or the lead underwriters rather than the selling group.