RE: Bought Cmk for $1.95 sold for $5Let’s make this clear in this case and the last offering TD and the other underwriters only own the stock at the outset of a bought deal. It is then passed on to retail and buy side investors. The fact it is bought deal does not mean they see investment merit in the security. They only initially assume risk in a bought deal.With the short hedge and pass on to other investors the risk is then gone. Never assume a bought deal is good deal. On the 2.75 TD sold most of the shares to its own clients and has very little direct exposure at the investment bank level. As was the case in the 1.95 offering they did not own all the stock and then sell for 5