Maturity by Maturity Bidding - MBM
A bond auction that allows bidders (who are underwriters) to submit bids for selected maturities in its issue, rather than requiring buyers to bid for the entire issue on an all-or-none (AON) basis.
Investopedia Commentary
This gives smaller underwriting firms more flexibility, allowing them to bid for part of the issue.
Related Links
Brokerage Functions: Underwriting And Agency Roles
Bond Basics Tutorial
Advanced Bond Concepts
Corporate Bonds: An Introduction To Credit Risk
See also: All or None - AON, Bond, Maturity Date, Underwriter, Venture Capital
Also spelled: MBM