A securities offering process in which the purchase price paid to the issuer and the public offering price are determined by negotiation rather than through competitive bidding. Found on http://www.duke.edu/~charvey/Classes/wpg/bfglosn.htm
In a negotiated underwriting or sale, the issuer of municipal securities chooses one underwriter or a group of underwriters to sell its bonds to investors. There is no competitive bid for the issue. Found on http://www.encyclo.co.uk/visitor-contributions.php