when-issued

when-issued ( WI)
New securities issues announced by the issuer but not yet sold or issued. Securities may be purchased or sold on a when-issued basis. Such trades are negotiated on a yield basis since price cannot be determined until the coupon rate is known. Price is usually calculated for delivery on the date of issue. Many U.S. Treasury securities are actively traded on a when-issued basis. Some corporate and municipal issues are also purchased on a when-issued basis. Purchasing or selling when-issued securities is a legitimate and acceptable practice that should not be confused with the related practice of when-issued trading. When-issued securities trading is the practice of agreeing to buy an about-to-be-issued security on or after the announcement of an offering and then selling the security before the date on which the securities are issued and must be paid for. Such transactions are regarded as trading activities by the banking regulators. American Banker Glossary

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when-issued when-ˈissued abbreviation WI adjective [only before a noun] FINANCE
when-issued shares and bonds have been planned and agreed but not yet made available officially, and unofficial trading in them has begun:

• The company rolled out two new when-issued stocks, providing shareholders with a choice of investing in either the company's steel or oil operations.

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when-issued UK US adjective [before noun] (WRITTEN ABBREVIATION WI) STOCK MARKET
relating to shares and bonds that have official permission to be bought and sold but are not yet officially available for sale, although unofficial trade has begun: »

Stock of the new company will begin trading tomorrow on a when-issued basis.

»

These bonds fetched 6.56% in when-issued trading yesterday.

»

A when-issued market is used to help price some stocks before they are issued to investors.


Financial and business terms. 2012.

Look at other dictionaries:

  • when issued — adv. Shortened form of phrase “when, as, and if issued,” used to describe a security that has not yet been authorized for issue, or that has been authorized but does not in fact exist yet, which can be purchased in a conditional transaction that… …   Law dictionary

  • When Issued - WI — A transaction which is made conditionally because a security has been authorized, but not yet issued. Treasury securities, splits, and new issues are all traded on a when issued basis. The term is actually short for when, as, and if issued …   Investment dictionary

  • when issued — ( WI) Refers to a transaction made conditionally, because a security, although authorized, has not yet been issued. Treasury securities, new issues of stocks and bonds, stocks that have split, and in merger situations after the time the proxy has …   Financial and business terms

  • when-issued —  ̷ ̷ˈ ̷ ̷(ˌ) ̷ ̷ adjective Etymology: from the phrase when issued : of, relating to, or constituting a securities contract on which settlement is not required until the securities are ready for delivery …   Useful english dictionary

  • when issued — Abbreviated term in securities law for when, as and if issued in connection with a stock not yet authorized for issuance. The term refers to a conditional transaction in which one indicates a desire to buy when the security is available for sale… …   Black's law dictionary

  • when-issued — /hwen ish oohd, wen , hweuhn , weuhn / or, esp. Brit., / is yoohd/, adj. of, pertaining to, or noting an agreement to buy securities paid for at the time of delivery. Abbr.: wi, w.i. * * * …   Universalium

  • when issued — A familiar term in transactions in stock and bonds on stock exchanges, involving securities contemplated for issuance but unissued at the time. 50 Am J1st Stock Ex § 25 …   Ballentine's law dictionary

  • when-issued share — ➔ Share * * * when issued share UK US noun [C] (US also when issued stock [C or U]) STOCK MARKET ► a share or stock that has official permission to be bought and sold but is not yet officially available for sale, although unofficial trade has… …   Financial and business terms

  • when-issued stock — ➔ stock1 * * * when issued stock UK US noun [C or U] US STOCK MARKET ► WHEN ISSUED SHARE(Cf. ↑when issued share) …   Financial and business terms

  • when–issued security — see security Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 …   Law dictionary

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