Definition of When Issued Security

when issued security is a security that has been sold prior to the certificates being available for delivery.

Applying "When Issued Security" to Securities Exams:

Most municipal securities are sold prior to the certificates being available for delivery. As such investors will purchase the securities on a when issued basis. These investors will receive a when issued confirmation and when the securities are available for delivery that will receive a final confirmation with the final settlement date and the total amount due.

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