1.   Much of the profit bonanza came from soaring underwriting fees.

2.   This will be partially or totally compensated by the underwriting fees F, and the return may be expressed as a percentage of the subscription price as follows,.

3.   This conclusion of overpricing was tempered by the observation that the underwriting fee may include payment for services in addition to the traditional insurance component of underwriting.

4.   This will, however, require negotiation with the underwriters and additional underwriting fees.

5.   As a result, companies are paying more money than ever in underwriting fees.

6.   As long as investors keep pouring money into some sector of the new economy, investment banks will benefit from underwriting fees and trading commissions, analysts said.

7.   At least two firms, Salomon Inc. and Lehman Brothers, may not match their underwriting fees last year, according to Securities Data.

8.   At least two firms, Salomon Inc. and Lehman Brothers, may not match their underwriting fees of last year, according to Securities Data.

9.   At stake are hundreds of millions of dollars worth of underwriting fees and, in some cases, trademarked financial products that securities firms spent years developing.

10.   Besides collecting the bulk of the underwriting fees, the firm that arranges municipal bond sales also benefits from knowing who owns all the securities.