Master Notes

Master Notes

Short-term debt securities issued by the Federal Farm Credit Bank with a face value of $25 million. They mature one year after issue and pay a coupon linked to LIBOR or another benchmark rate. The holder of a master note may change the principal amount by up to 25% or use it as the underlying asset in a put or a call. These features give master notes a great deal of flexibility.
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The plan of finance includes: $110 million of BSHI series 2013B and series 2017 tax-exempt debt (which is currently directly placed with Bank of America Merrill Lynch and not rated by Fitch) will substitute existing BSHSI Master Obligation with Master Notes issued under the Mercy Health MTI.
* Each note in the master notes lists links to the work package where it was made (if it's a work package-specific note).
Frankly, I personally can't keep track of it all, monitoring what's happening in issuing bonds, commercial paper and master notes and at the same time investing in all kinds of instruments on the portfolio side.

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