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 ?
Valvoline common stock "when-issued" market: The when-issued market for Valvoline common stock relates to the shares of Valvoline common stock that will be distributed to Ashland stockholders on the distribution date.
On 3 August 2015, when-issued trading of BNED common stock will end and 'regular-way' trading under the symbol 'BNED' will begin.
When-issued trading in the new Journal Media Group Inc.
Starting on Wednesday, December 3, 2014, there will be a when-issued market in KLX common stock under the ticker symbol "KLXIV.
As previously announced, the Series C common stock traded on a when-issued basis on the Nasdaq Global Select Market under the symbol "LMCKV" during the period commencing on July 8, 2014 and ending on July 23, 2014.
Products listed on GovEx include highly liquid on-the-run, when-issued and first-available off-the-run US Treasury bills, notes and bonds.
Target issue volume of EUR 30 million placed Start of trading (on a when-issued basis) on 22 May 2013 Cologne, 21 May 2013 - DF Deutsche Forfait AG, a specialist in foreign trade financing, has successfully placed its corporate bond (WKN [German securities code]: A1R1CC, ISIN: DE000A1R1CC4) within a short duration of time.
When-issued trading often exists because investors decide to sell the post stock split shares before they are issued.
4 million shares the day before as a when-issued stock.
In addition, paragraphs 7(a) and 23(a), which relate to forward purchases or sales of when-issued securities or other securities that do not yet exist, should be applied to both existing contracts and new contracts entered into after June 30, 2003.
8) Settlement would take place three or four days after the bids were submitted, and the when-issued trades would settle at the same time.
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.