text: Wow. That first person TOTALLY missed the question. I trade munis. I can tell you exactly what the manager of a bond issue does.\n\nThe manager of the bond issue decides, along with the members or co managers if there are any, what coupons and what structure to do on a bond issue. For example, lets say I was underwriting State of Minnesota GO bonds and I was lead mangager. MN might want $200mm. I might have customers that want par type coupons for the first 10 years, and have institutional customers that want premium coupons 11 and longer years. So, I structure $15mm per year from 2007 thru 2016 as par coupons, and i then do a $25mm term bond as 5 1/2% coupons due in 2020 at a 4.7% yield and $25mm term bonds as 5 1/2% in 2025 as 4.85% yield. When MN signs off on the deal, I decide which customers get which bonds and how many. THAT is what a bond issue manager does.