Which of the following best describes a 'when-issued' market?

where members of the syndicate bringing a bond issue to the market are obliged to not undercut the issue price till the first settlement date

The when-issued market is one where dealers trade in a security after its price has been set but before the bonds are available for delivery

The when-issued market is one where securities are traded on the OTC forward markets prior to their issue

The when-issues market is one where the lead manager agreed to buy an entire bond issue at an agreed price, and having done so may sell them onwards to institutional or other investors