Medium terms notes 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...

In this edition EU fundamentals Commercial Competition and state aid Corporate Data protection and cybersecurity Dispute resolution Free movement, immigration and employment Financial services Energy Environment Insurance and reinsurance IP Life sciences TMT International trade Daily and weekly news alerts New and updated content Trackers EU fundamentals Council of the EU and Parliament agree on €192.8bn budget for 2026 The Council of the EU and the European Parliament have settled the EU’s 2026 budget, setting commitments at €192.8bn and payments at €190.1bn, equal to 1.00% and 0.99% of the Union’s gross national income. The plan focuses on competitiveness, defence preparedness, humanitarian support and migration management, while preserving room to react to unforeseen crises. Under the 2021–27 multiannual financial framework, €715.7m remains for unexpected costs, with funding channelled to the single market, cohesion, the environment, security and external engagement. As the sixth annual budget in the...

In this issue: Highlights: ECON’s FIDA report; growing focus on non‑financial misconduct; PRA feedback to c70 firms on recovery planning; EBA consults on CRR3 RTS for unfinished property; UK sanctions amendments (SI 2024/643) and updated OFSI licensing guidance; FOS update on motor finance commission complaints; FCA enforcement activity and scrutiny of plans to publicise investigations, with OFR EEA equivalence regulations and a Lords inquiry; sentences for insider dealing and perverting justice; Market Watch 79 on surveillance failings; building societies urged to embrace technology; SRB’s 2024 MREL policy; MiFID II equivalence SI; ESMA guidelines on ESG fund names and IA SDR Q&A; reminders on virtual/hybrid unitholder meetings; new PSD reporting flowcharts and an MBFS excess mileage undertaking; Solvency II technical information, Commission request for EIOPA advice, and EIOPA’s risk dashboard; concerns over pensions dashboard safeguards; ECB opinion on PSD3/PSR and PSR mid‑point strategy review; BCBS defers the cryptoasset standard to 1 January 2026 and a crypto advice firm wound up; expert views on the FCA’s stance on AI; plus alerts,...

Loan market and developments Please provide a succinct outline of the current condition of the loan markets in your jurisdiction and any noteworthy recent developments. The US corporate loan market remains a significant pillar of the US economy. While the US loan market has undergone considerable change in recent years, it is still resilient and continues to be one of the most inventive and consequential areas within the US capital markets. Two principal components of the US corporate loan space are broadly syndicated loans (BSL) and private credit transactions. The BSL segment is a key funding source for medium- and large-sized companies, comprising loans where multiple banks and non-bank financial institutions extend finance through a syndicate of lenders. Private credit typically involves lending by non-bank lenders on a bilateral basis or by a small cadre of lenders (often termed ‘club deals’). Both segments have seen strong growth and transformation over the past several years. Broadly Syndicated Loans Although private credit often captures more media focus, syndicated lending...

Introduction to the Intellectual Property Enterprise Court The Intellectual Property Enterprise Court (IPEC) sits as a sub-list within the general Intellectual Property List (Chancery Division). It is designed to open up access to justice in IP disputes for small- and medium-sized enterprises (SMEs) that might otherwise struggle to bring or defend a claim. IPEC also serves as a venue for lower-value IP cases to be resolved at proportionate cost, ensuring litigation remains manageable for parties with modest resources. The Intellectual Property List comprises two sub-lists: the Patents Court and the IPEC. It forms part of the Business and Property Courts of the High Court, which were established on 2 October 2017. For further details about the Business and Property Courts, see Practice Note: Business and Property Courts, and for commentary on their introduction in IP matters, see News Analysis: Framework of Business and Property Courts sets ‘solid groundwork for success’. A central feature of the IPEC is robust judicial case management. This is applied using a cost–benefit...

Updated in June 2025 Introduction With the world’s third-largest nominal GDP, Japan is a preferred springboard for international firms establishing a first foothold in Asia and for locating research and development centres, given the region’s rising significance and the advanced technologies of Japanese companies. It serves as a key regional hub, a gateway to neighbouring Asian markets, and a setter of trends. International companies, especially manufacturers, gain from Japan’s suppliers, from large corporates to small and medium-sized companies, renowned for high-quality products and components. The country offers a mature legal framework with reliable, impartial courts, alongside a stable democratic environment. It is widely recognised as among the safest nations, and boasts sophisticated infrastructure and high-quality medical services. Businesses can adopt multiple structures when setting up in Japan. This guide outlines key considerations for newcomers before commencing operations in Japan. This guide should not be treated as an...