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An issue of a security, especially a bond, that is completely placed with investors before it is actually issued and before all relevant details, notably the price, are announced. Before a new issue, underwriters canvass potential investors, who may or may not book an order to buy a portion the new issue. Pre-sold issues occur almost exclusively with municipal and other government bonds, mainly because most other issues must register all their details with the SEC before they are allowed to place them. See also: Subscribed.
Of, relating to, or being a new security issue that is sold out before all the specifics of the issue have been announced. In the case of a bond issue, this term usually means that sufficient orders for the issue have been placed before announcement of the coupon rate(s).