NEW ISSUE MUNICIPAL SECURITIES or NEW ISSUE – Municipal securities sold during the initial distribution of the issue in a primary offering by the underwriter or underwriting syndicate.  For purposes of MSRB rules, new issue municipal securities are municipal securities (other than commercial paper) that are sold by a broker-dealer during the issue’s underwriting period.  All broker-dealers selling a new issue of municipal securities to customers or to other broker-dealers must meet certain requirements regarding delivery of official statements and certain other information.  This obligation is not limited to broker-dealers acting as underwriters or selling group members.  Compare:  SECONDARY MARKET.  See:  CUSTOMER TRADE; PRIMARY MARKET; PRIMARY OFFERING; UNDERWRITING PERIOD; WHEN, AS AND IF ISSUED.