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See: When issued
Referring to a conditional offer for a new security, subject to the security actually being issued. Before a new issue, underwriters canvass potential investors, who may or may not book an order to buy a portion the new issue. Orders made are said to be effective "when issued" because they may not be completed, especially if the offering is cancelled. Less formally, orders when issued are referred to as orders "with ice" or orders "when distributed."
Used on the consolidated tape to indicate the transaction of a security on a when-issued basis: GMPrE wi 10s47 1/2 .
Used in stock transaction tables in newspapers to indicate securities traded on a when-issued basis: BltGE wi.