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
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.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.