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."