When-issued Definition

Short for when issued, which indicates that a security has been authorized, but not yet issued. It typically is used in the Treasury market, where there is a lag between when the new bond is announced, when it is sold, and when it is issued. The term also is used for new stocks and stocks that have split but haven’t started trading yet. During this time period, the security trades with a wi next to it.
Webster's New World Finance

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