WHEN, AS, AND IF ISSUED Stocks or Bonds
Commonly known as WHEN ISSUED, are securities that are transacted on a conditional basis. The securities have been authorized and sold to the public (issued), but the certificates have not been issued. When issued securities can trade in the secondary market. The settlement date for a when issued stock is a date that is set by the underwriter, or lacking such date, is a date agreed upon between the issuer and the underwriter. Full payment could be required with one-day’s written notice. The "when issued" contract is marked to the market (the price is recalculated every day the market price of the bonds change) as provided for in the when issued contract. Stock splits and Treasury securities can be issued on a when issued basis.