When-Issued Trading
Trading in a security after announcement but before formal issuance or settlement, subject to market rules.
Market use
Provides price discovery ahead of settlement.
What it means
Trading in a security after announcement but before formal issuance or settlement, subject to market rules.
Example
Government securities commonly develop a when-issued market around auctions.
How to interpret it
This concept should be read together with its market convention, measurement horizon and underlying instrument. BondStats presents it as an analytical reference rather than investment advice; instrument documentation and primary market rules remain authoritative.
Related Conventions
BondStats reference content is independently written. Mathematical relationships, abbreviations and market conventions are presented for educational and analytical use.