GREY MARKET - Mercato grigio

È un mercato non ufficiale, che sfugge al controllo di qualsiasi autorità. Agisce alla condizione "se e quando emesso" nell'intervallo di tempo che passa fra il primo giorno di un'emissione obbligazionaria e il momento in cui verrà fatto il primo prezzo sul mercato ufficiale.

Domaine(s) : - finance
anglais

when-issued trading

Note(s) :
A when-issued treasury bill is a contract either to purchase or to sell the treasury bills that are to be auctioned at the next weekly tender. For example, the when-issued market allows an investor to acquire a position before the treasury bill offering for an assured amount and at an assured rate, a course that may be preferred to waiting for the auction itself or until after the auction. The when-issued market also allows a participant to create a short position by selling the bills before they have been auctioned. If, for example, an investment dealer is concerned about the size of its existing treasury bill inventoryor its anticipated purchases at the coming auction, it could sell when-issued bills as protection. Any gains or losses on this transaction resulting from interest rate movements would then offset losses or gains realized from its other bill positions.