When issued 预发行交易
What Does “When Issued” Mean?
When issued (WI) is a transaction that is made conditionally because a security has been authorized but not yet issued. Treasury securities, stock splits, and new issues of stocks and bonds are all traded on a When-issued basis. Prior to a new issue’s offering, underwriters solicit potential investors who may elect to book an order to purchase a portion of the new issue.
WI是有条件的交易，因为证券已被授权但尚未发行。短期国库券，股票拆合股以及股票和债券的新发行都是基于WI来进行交易。在发行新股（IPO）之前，承销商会招募潜在的投资者，他们可能会选择购买一点新发行的证券。
Understanding When Issued
When-issued orders are made conditionally because they may not be completed, particularly in the event the offering is canceled. Orders, when issued, are sometimes called orders “with ice” or orders “when distributed.” The term is short for “when, as and if issued.”
Securities trade on a When-issued basis when they have been announced but not yet issued. The transaction is settled only after the security has been issued. A When-issued market exists where When-issued instruments are traded. When-issued markets can provide an indication regarding the level of interest that a new issue may attract. When-issued transactions are dependent upon the actual security being issued and the exchange or National Association of Securities Dealers ruling that the transaction is settled.
When-issued订单之所有有条件是由于它们可能不会完成，特别是发行（例如IPO）被取消的情况下。When-issued订单有时也被称为“with ice”订单或“when distributed”订单。该术语是“when, as and if issued”的缩写。
宣布但是还未发行的证券，是要基于When-issued来交易的。这些交易只有在证券被发行后才会被结算。存在一个专门用来交易When-issued产品的所谓的When-issued市场，这个市场可以给一个信号，看一下这个新发行的证券在市场上对投资者有多大的吸引力。When-issued交易取决于实际发行的证券，以及决定这笔交易可结算的交易所或国际证券商协会（这句话英文好像很别扭）。
Benefits of When Issued
When issued sheds light on the demand for securities and can, therefore, attract investors who would otherwise sit out bidding for the securities for fear of a volatile market. Thus, when issued can decrease volatility when the securities are actually issued because investors have confidence in the level of demand for the securities in question. When issued helps develop the market for a new security by attracting investors, and it also offers investors liquidity prior to the actual distribution of the securities in question, allowing them to monetize financial assets more readily.
When-issued阐明了对证券的需求，因此也能够吸引到那些因担心市场动荡而原本会竞购证券的投资者。因此，由于投资者对证券的需求量水平有信心（不担心IPO时股票卖不出去呗），When-issued可以减少证券真正发行时的波动性。When-issued通过吸引投资者来开拓信证券的市场，也可以在证券真正发行之前给投资者优先提供流动性，使他们更容易将金融资产货币化。
Example of When Issued
An industrial conglomerate wants to spin off its chemicals division due to its drag on earnings and low margins. In order to effectuate the spinoff, the conglomerate plans to pay its shareholders a dividend in the form of stock of the new chemicals divisions company. After the record date, the date on which holders of the conglomerate’s stock are entitled to receive stock in the spinoff, the conglomerate’s shareholders can effectively begin trading the right to receive shares in the spinoff on a When-issued basis. Those shareholders who buy the rights but do not hold shares of the conglomerate on the distribution date, the date in which the actual shares in the spinoff are issued and begin trading, receive their shares in the spinoff, and the When-issued market ceases.
一家工业企业集团化学品部门因为拖累了集团的利润，因此集团决定剥离这个部门。为了完成剥离，该企业集团计划用新化学部门的股票向其股东支付股息。在登记日期（就是我找个小本本记一下你有权利分得这个股息了，我记小本本的这天，不是真正给你股票那天）之后，集团的股东就可以基于When-issued交易获得分拆股票的权利。那些买了这些权利，但是在实际发股票并开始股票交易那天，不实际持有集团股票的股东，会收到他们的股票，同时，When-issued市场停止交易。