Glossary of Municipal Securities Terms

“WHEN, AS AND IF ISSUED” (“WAII”)

A phrase (sometimes shortened to “when issued” or “WI”) used to describe the time period in the life of a new issue of municipal securities from the original date of the sale by the issuer to the delivery of the securities to, and payment by, the underwriter. Sales made during the “when, as and if issued” period (also called the “‘when-issued’ period”) are subject to issuance of the securities.

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