Issue price; investment certificate price

In the case of a share or bond, the net amount payable for the purchase of the corresponding new issue. In addition to this amount, there may be acquisition costs, in particular the brokerage fee charged by the bank that arranged the purchase of the security. In many cases, a new issue is placed with investors free of commission; in this case, the issuer bears the costs. – In the case of an investment fund, the amount to be paid for a share (investment certificate; certificate), usually calculated on each trading day. It consists of the unit value plus an issue premium covering the costs of fund management. – To determine the share value (calculation of the share price), all assets of the fund are usually valued at the daily price and divided by the number of certificates issued. – See issue, subscription price, bookbuilding, bought deal, over-allotment option, issue yield, roadshow.

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