Series 52: 3.4.3. Selling On A When-Issued Basis

3.4.3. Selling on a When-Issued Basis

The underwriter will not actually own the bonds until the issuer has delivered them, and the issuer cannot deliver them until the bonds have been duly registered and printed. As a result, all sales are said to be on a when, as, and if issued basis, or a when-issued (WI) basis for short. Sales on a when-issued basis are contingent on the delivery of the securities.

No money changes hands until delivery, which may not happen for as long as 30 days following the date the issue was off