承购包销 meaning in English

underwrite securities
underwrite（securities）

After 1991 , the distribution of national debts took a measure of contract and being responsible to sell it , especially in 1996 and 1997 the method of public bidding is introduced into the issue of national debt , the commodity characteristics of national debts got an excellent reflection . in 2003 the way of national debts issue was adjusted , one of the important contents is based on the simple price " holland bidding " , several other prices system like " american bidding " was added to the measure of national debts bidding , this measure will have a deep influence on the national debts market
1991年后，国债发行采用承购包销的方式，特别在1996年和1997年招标发行方式被引入国债的发行中，国债的商品属性得到很好的体现； 2003年的国债发行方式做出了一定的调整，其中一个重要内容是记账式国债招标方式在原先单一价格的“荷兰式”招标的基础上增添多个价格的“美国式”招标方式，这个举措将对国债市场产生深远的影响。