When Issued (WI):
It is short for 'When, as and if Issued'.
A conditional transaction for a security which has been authorized for issuance but not issued. So it does not exist before the effective listing date. The trading for When Issued securities is done between the date the security is announced and the date when it is issued. WI securities and bonds are bought and sold like any other security , the difference being they are settled only after the security is actually issued. The transactions may not be completed if the offerings are cancelled. When Issued markets can give an indication of level of interest potential investors have in the trading of the new issues. Orders When Issued are also called orders 'with ice' or orders 'when distributed'. For eg. government securities like US Treasuries, stock splits, new issues of stocks and bonds.
It is short for 'When, as and if Issued'.
A conditional transaction for a security which has been authorized for issuance but not issued. So it does not exist before the effective listing date. The trading for When Issued securities is done between the date the security is announced and the date when it is issued. WI securities and bonds are bought and sold like any other security , the difference being they are settled only after the security is actually issued. The transactions may not be completed if the offerings are cancelled. When Issued markets can give an indication of level of interest potential investors have in the trading of the new issues. Orders When Issued are also called orders 'with ice' or orders 'when distributed'. For eg. government securities like US Treasuries, stock splits, new issues of stocks and bonds.
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