Fixed Income Jargon
Ok any definitions for the following related to the new issue process :
- “going subject”
- “in the grey”
- “free to trade”
- “on the break”
Thanks
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Going subject- No longer taking orders In the Grey- Banks that are NOT involved in the deal are allowed to make markets (do trades) on a deal before it goes "free to trade". Generally you don't see grey markets on deals until after the deal has a spread set and allocations have been released.
Free to trade- Banks that are on the deal are now able to make markets (do trades) on the deal On the break- Kinda the same as free to trade, basically the period right after the deal goes free to trade.
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