A syndicate is underwriting a new issue of muni bonds. Orders will be coming in soon. The typical order for filling orders from lowest priority to highest priority is:

Retail, Group Net, Net Designated, Member

Net Designated, Group Net, Retail, Member

Member, Retail, Group Net, Net Designated

Group Net, Net Designated, Retail, Member

Issuers are free to choose their own priority of orders based on their objectives. However, this is the typical order according to the MSRB

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