Said usually of (public) securities where there is no pre-determined issue period. The sale takes place continuously without a time limit. This makes it possible to achieve „noiseless“ (discreet) financing with a relatively constant market burden. – See issuance calendar, tender, limited.

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
E-mail address: info@ekrah.com
https://de.wikipedia.org/wiki/Gerhard_Ernst_Merk
https://www.jung-stilling-gesellschaft.de/merk/
https://www.gerhardmerk.de/

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