when-issued

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."

when-issued

Used to refer to a security that has not yet been issued but that will be issued in the future. Trading in when-issued securities often occurs between the time a new security is announced (for example, the time when a stock is split) and the time the certificates are actually issued.
References in periodicals archive ?
Determination of a spin-off company's market capitalization will continue to be made based on when-issued trading, if available.
On 3 August 2015, when-issued trading of BNED common stock will end and 'regular-way' trading under the symbol 'BNED' will begin.
Starting on Wednesday, December 3, 2014, there will be a when-issued market in KLX common stock under the ticker symbol "KLXIV.
When-issued trading often exists because investors decide to sell the post stock split shares before they are issued.
Paragraphs 7(a) and 23(a) of the new statement, which relate to forward purchases or sales of when-issued, or other not-yet-created, securities should be applied to existing contracts as well as new ones entered into after June 30, 2003.
As soon as the Treasury announces the total dollar amount of the particular security to be auctioned, trading begins in a forward market, called the when-issued market.
From individual primary dealers, we collect aggregate data on positions, transactions, financing, trade settlement, and when-issued activity in specific securities.
The New York Stock Exchange authorized a when-issued market for Sunoco common stock, which commenced on January 3, 2012, two business days prior to the record date.
Imation's share price, which dropped 1 5/16 on Wednesday to close at 24-1/8, is down 25 percent since when-issued trading began June 26, 1996.
The potential for profit in a comer, or squeeze, lies in the interaction of the three main trading forums for Treasury securities: the when-issued market, the Treasury auction, and the secondary market.
The New York Stock Exchange is expected to authorize a when-issued market for Sunoco common stock on or about two business days prior to the Record Date.
38% in investment operations, which may include the use of certain portfolio management techniques such as credit default swaps, dollar rolls, negative cash, reverse repurchase agreements and when-issued securities.