Medium Term Note

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Medium Term Note

An unconventional bond note with a maturity period usually between five and 10 years continually offered through various brokers, rather than issued all at once like other bonds. Unlike most bonds, which are bought and sold on exchanges, MTNs are normally purchased through an MTN brokerage, which operates on a best effort basis and is under no obligation to sell a certain amount on behalf of the issuer. Unlike corporate bonds, MTNs are almost always marketed to institutions and high net-worth individuals and have few or no small and medium investors. Beyond that, they functions much like corporate bonds: unsecured, non-callable, with fixed coupons and investment grade ratings. MTNs have become a favorite form of fundraising for large corporations, government agencies, and sovereign states. This demand has led to more complex MTNs, with floating interest rates and maturity periods from nine months to 30 years or longer. See also: Euro medium term note.
References in periodicals archive ?
Such a medium-term notes program allows an issuer to have constant cash flow coming in from its debt issuance and tailor its borrowing to its financing needs.
Davis Polk advised Toyota Motor Credit Corporation in connection with an SEC-registered offering of $1.25 billion aggregate principal amount of floating-rate medium-term notes, Series B due 2020 and $750 million aggregate principal amount of 2.650% medium-term notes, Series B due 2022.
Pembina Pipeline Corporation (TSX:PPL) (NYSE:PBA) has closed its offering of USD800m of senior unsecured medium-term notes, it disclosed on Wednesday.
International Resource News-April 2, 2019--Pembina Pipeline to issue USD800m of senior unsecured medium-term notes
Bancorp (NYSE: USB) has said that as of March 25, 2019 it will redeem of all its outstanding 2.20 percent series V medium-term notes due April 25, 2019 and series V floating rate medium-term notes, due April 25, 2019.
RAM Ratings has reaffirmed the A1 long-term rating of Special Power Vehicle Berhad's MYR 800 million Class A Islamic Medium-Term Notes Facility; the outlook on the long-term rating has been revised from stable to negative.
ILFC will return all tendered 5.875% medium-term notes, Series O, due 1 May 2013, 5.625% medium-term notes, Series R, due 20 September 2013 and 6.625% medium-term notes, Series R, due 15 November 2013 to their respective holders and terminate the tender offers for these notes.
India's Syndicate Bank Limited (532276.BOM) (SYNDIBANK.NS) is planning to issue medium-term notes to raise USD1bn, Dow Jones has reported.
Central and WesCorp have also issued medium-term notes previously, according to the NCUA.
31, was not eligible for the BE INVESTMENT BANK LIST.) In the last three months of 1992, the sextet handled $2.2 billion of Fannie Mae business, co-managing three real estate deals and issuing medium-term notes.
For investment-grade nonfinancial corporations, medium-term notes became a growing source of funds.