Private placement
From ACT Wiki
This is a form of securities issuance that has no exact definition.
It usually refers to an issue that has been designed for a specific set of investor needs at a particular time.
As such it is not expected to be traded in the secondary market and is not a 'public' issue.
It is not normally expected to be listed on an exchange.
A wide variety of securities under various names are private placements. In Germany, Schuldschein are a form of private placements, for example.
