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MTN Programme Establishment and Issuance: Timeline, Responsibilities, Key Documents, Prospectus Approval, Listing, Clearing and Settlement

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For further details on the documents outlined below, please refer to Practice Note: Issuing debt securities—key documentation.

Appointment of the arranger

  • The issuer (Issuer) designates an arranger (Arranger) to set up the programme.
  • The Arranger may additionally serve as a dealer or manager for later note issues under the programme.

Responsibility —Issuer and Arranger.

Appointment of the dealers

  • The dealer(s) (Dealers) will enter into a dealer agreement with the Issuer and the Arranger.
  • For a syndicated issue, the Dealers and the Issuer may also sign a subscription agreement.
  • New dealers may be added to the programme after launch via a dealer accession letter.

Responsibility —Dealers, Arranger and the Issuer.

Appointment of the agents

  • The Issuer will appoint agents to act on its behalf for the programme.
  • These may include a fiscal agent (Fiscal Agent) or a trustee (appointed by the Issuer to represent the interests of the noteholders), a principal paying agent and other paying agents, a registrar (if the notes are in registered form), a custodian, an account bank and a calculation agent.
  • The fiscal agent or a paying agent may act as the common depository (Common Depository or
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Web page updated on 22/05/2026

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