W – Investment Vocabulary

When-Issued Basis (WIB): Describes securities that are traded before they are actually issued, with the stipulation that the transactions are null and void if the securities are not issued. Usually abbreviated to “w.i.” following a market quotation for such securities.
Winning Bid: The successful bid for a particular issue. Generally, it produces the lowest net interest cost (NIC) to a municipal borrower or offers the highest premium in a single coupon bid.