Medium term note meaning

Introduction Guidance on establishing a medium term note (MTN) programme is set out in Practice Note: Setting up an MTN Programme—timeline of process. This Practice Note concentrates on the steps for an issuance of notes (a drawdown) carried out under an MTN programme (the programme) once that programme has been put in place. Type of drawdown A programme will ordinarily provide for two forms of drawdown: a drawdown agreed between the issuer and a dealer (a dealer drawdown); and a drawdown agreed between the issuer and a group, or syndicate, of dealers (a syndicated drawdown). In addition, the programme will usually permit further dealers to accede to the programme, either as permanent members of the dealer panel or for the purposes of a single drawdown. Notification to dealer(s) The issuer then notifies the dealer(s) of its intention to draw down under the programme—this can be done by means of a term sheet or by way of an Initial...

This flow chart outlines the various stages of a UK anti-dumping inquiry when the Trade Remedies Authority (TRA) has received a submission seeking imposition of anti-dumping duties...

Checklist for listing debt securities on the Irish Stock Exchange trading as Euronext Dublin (‘Euronext Dublin’) This diagram presupposes that the issuer, as follows: has listed debt securities in the past; and intends to list standard debt securities or a medium term note programme...

PPN outlines guidance for contracting authorities on the National Procurement Policy Statement (NPPS), LNB News 03/06/2021 65 The Cabinet Office has issued PPN 05/21, drawing attention to core points within the NPPS. As a strand of the government’s programme to ‘transform public procurement’ in the UK, the NPPS defines national procurement priorities and the steps to realise them. PPN 05/21 takes effect for in-scope authorities from 3 June 2021. See: LNB News 03/06/2021 65. What are the main headlines from the new NPPS? The NPPS first appeared in the government’s Green Paper ‘Transforming Public Procurement’, released at the end of 2020. In it, the government explained that the NPPS is intended to set strategic national priorities that contracting authorities must prioritise, ensuring the leverage of public procurement to advance those aims. Published alongside PPN 05/21 (which offers guidance and explanation), the NPPS applies to all contracting authorities as defined in section 39(3) and (4) of the Small Business Enterprise and Employment Act 2015 whose functions are wholly...

Contributions to charities or political causes may elevate exposure to bribery and corruption risks in practice. In some circumstances, such payments may amount to, or be perceived as, concealed bribes. This Practice Note explains what constitutes charitable and political donations, the associated risks, and measures to reduce those risks. Charitable donations A charitable donation is a voluntary gift from a person or business to a charity or other not-for-profit organisation. This may involve providing money, facilities, equipment, staff time, or another benefit to a charity, or to an individual or body designated by, or linked to, that charity, for instance. Although commonly discussed together (as here), charitable donations are usually quite distinct in nature from political donations. The majority of charities are unconnected with politics and hold no decision-making authority or sway over procurement choices; accordingly, the likelihood that a charitable gift is corrupt, or viewed as corrupt, is lower overall. Indeed, many organisations regard charitable giving as a key element of their corporate social responsibility programmes...

ARCHIVED This Practice Note is archived and no longer maintained. It offers historical context and outlines concepts such as UK mini-bonds and the Order Book for Retail Bonds (ORB). With the advent of the new UK prospectus regime, these concepts are being phased out or materially reformed. It is provided for background information only. For more on the new UK prospectus regime, see Practice Note: The UK Prospectus Regulation—essentials [Archived]—Reform of the UK prospectus regime. Introduction Traditional debt capital markets Historically, large corporates have tapped the debt capital markets to raise funds from an investor base made up largely of investment funds, pension funds, insurance companies and other institutional investors. Consequently, debt capital markets transactions have typically been characterised by: substantial issue sizes—typically at least £50m (or the equivalent in another currency) and frequently above £100m uniform distribution and underwriting procedures, whereby a lead manager with co-managers—or dealers for issues under a Euro Medium-Term Note (EMTN) programme—interposes between the issuer and prospective...

What are the methods of raising finance? When a corporate entity seeks funding, it must decide whether to borrow from creditors or issue shares on the equity markets. The choice hinges on several factors, including the preferences and requirements of prospective creditors/investors, and the characteristics of the entity raising capital. For a comparison of obtaining funds through debt versus issuing equity, see Practice Note: Debt securities and equity compared. Loans versus debt securities Loans appear in many guises. A straightforward, frequently used facility is an overdraft. In commercial finance, other common options include: Term loans Revolving credit facilities Lending can be provided by a single lender (bilateral) or a group (syndicated or club deals), and may be secured or unsecured. It can support both short-term and long-term requirements. For more detail, see: Types of lending—overview. Debt securities are instruments that create or evidence indebtedness. Typical forms include: Bonds Medium-term notes (MTNs) Commercial paper ...