Is there a repo market for the when-issued new otr (before its action or issuance)?

Question

There is a repo market for the OTR and all the olds. And, let's assume, a new issue has been announced, which is now trading in w.i. Is there a repo market for it? To put a repo or a reverse repo, the collateral needs to be "delivered", and, since the new issue can only be "delivered" after the issuance, how is this possible?

Answer 1

Its called a Forward market repo where the collateral (because you have mentioned that it is trading) is in circulation, a note is created by the custodian bank of the repo initiator to state that the securities are indeed with the initiator, therefore create the repo trade and collaterals are delivered as a note from the custodian.