Copyright © 2012, Campbell R. Harvey. All Rights Reserved.
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."
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved