投资银行的业务对象是金融机构，业务涉及，金融机构的证券包销。
Instead it deals with financial institutions and it gets involved in underwriting securities for financial institutions.
回补条款：指证券包销协议中的一项条款，它限定向某一群体发售该证券。
Clawback provision: Clause in an underwriting agreement for a security that restricts the issue to a certain group.
举例，假设1995年1月1日，太阳风公司按98%的价格把价值10美元，年息9%，40年期的债券卖给证券包销商。
To illustrATe, assume thAT on January 1, 1995, Solarwind Company sells $10 of 9%, 40-year bonds to an underwriter AT a price of 98.
他们也从事投行业务，从包销股票、债券发行、一揽子的证券化资产、信用卡收据以及汽车质押贷款等。
And they'd work to build up investment banking activities ranging from underwriting stock and bond offerings to selling packages of securitized mortgages, credit card receipts and car loans.
第二十三条证券公司承销证券，应当同发行人签订代销或者包销协议，载明下列事项。
Article 23. The following shall be included in the underwriting or sole agency agreement signed between a securities company and a stock issuer.
证券承销业务采取代销或者包销方式。
Securities sales business take the form of sale on a commission basis or exclusive sales.
证券公司因包销而买卖证券，或者为对冲风险参与金融衍生产品交易的，不受前款规定的限制。
The preceding paragraph shall not apply, when a securities company trades securities as a result of underwriting or participates in financial derivative transactions for risk hedging purposes.
根据规定，证券的代销、包销期限最长不得超过90日。
According to the regulations, the maximum duration of the securities "sales agency and underwriting period shall be 90 days."
根据规定，证券的代销、包销期限最长不得超过90日。
According to the regulations, the maximum duration of the securities "sales agency and underwriting period shall be 90 days."
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