The process of selling bonds or other short-term debt instruments in continuation of past issues. The newly placed bonds/ instruments are issued with the same defining elements: face value, maturity, and coupon rate but not at the same price of original issue (the new issue is sold at the market price at the time of issue). Tap sales are subject to a set of conditions including a minimum amount of time lapsing between an original issue and a tap issue, the amount of issue, etc.

Issuers often function in accordance with a bond issue program, specifying the targeted (or full) amount of debt (the maximum amount an issuer intends to borrow from the market). The full amount is not sought “discretionary” in the first placement or exclusively under prevailing market conditions at the time of original issue. An issuer may make an additional placement of the same issue after the passage of a specific period of time and under the then prevailing market conditions (when it comes to rates).

A tap sale is also referred to as a bond tap or tap issue or reopening.