a big issue and it wants to get help of other investment banks,

它会希望得到其他投资银行的协助
so they form a syndicate of underwriters

所以他们在预申报阶段
during the pre-filing period.

组成联席承销团
There's a lead underwriter,

一家主承销商
which Ford Motor Company approached first,

即福特汽车公司接触的第一家投资银行
and the lead underwriter promised to take on the issue,

主承销商承诺负责统筹整个发行工作
but the lead underwriter doesn't want to do it itself.

但主承销商不愿自己独自承做
The reason it doesn't want to do it just itself is

其原因在于
that in order to sell and issue to a broad public,

要把新股发行给公众投资者
you have to make use of a broad network of contacts

必须利用更广阔的网络来接触公众投资者
with the public and no one investment bank has them all.

没有一家投行能独自拥有全部资源
So, they form a syndicate--

因此他们组成团体...