Only in a best efforts bid does the bank give no guarantee that the securities will be sold. In a best efforts issue the bank agrees to sell as many of the securities as it can, but any unsold securities are returned to the issuer.
In a negotiated issue the investment bank buys the securities and they will then resell them. But, no matter the amount that are resold, the issuer has sold the securities.
In an underwritten issue the investment bank buys the securities and they will then resell them. But, no matter the amount that are resold, the issuer has sold the securities.
In a competitive bid issue the investment banks bid to buy the securities and they will then resell them. But, no matter the amount that are resold, the issuer has sold the securities.
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