Primary Markets presentations cover the process of issuing new securities and the short term distortions it creates to the market. The second presentation concentrates on syndication. We describe in detail the syndication process: who is involved and their respective rolls. We also look at the effect of a syndicated issues coming to the market, the games that are sometimes played in syndicated issuance and their pitfalls, the effect of swapped issuance to the market and finally describe Rate Locks.