When issued

Short for "when, as, and if issued." The term indicates a conditional sale of a security; the security has been authorized but not yet issued and paid for. All when-issued transactions are on a conditional basis until the security is delivered to the buyer and payment is delivered to the issuer. Federal Home Loan Bank System bonds are sold on a when-issued basis.

General Orders Issued by Major-General Israel Putnam, When in Command of the Highlands, in the Summer and Fall of 1777 (American Revolutionary)

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