A dealer who purchases new debt issues from the issuer and distributes these to investors, usually institutional investors. It means that the dealer (bank) guarantees to the issuer that the required funds will be raised, either from investors, or by the dealer buying (holding) the issued securities that cannot be placed or sold.

This is a profit or loss in a financial transaction which has not been realised, i.e. only one leg of the transaction has been completed, for example, bought, but not yet sold again. It does, however, indicate that, should the position be closed-out at that point in time, a profit/loss will be made or realised.