Euro Medium Term Notes (EMTN)

Euro Medium-Term Notes (EMTNs) are bonds -- issued publicly or in private placement format across multiple currencies in multiple markets -- documented under an EMTN programme. An EMTN programme is a standardised issuance document used by global borrowers and accepted by global investors. EMTNs can be issued as standard debt securities or as structured notes with bespoke pay-offs. EMTN programmes have a panel of investment bank dealers that act as agents and underwriters for debt that issuers can continuously offer under the programmes, but also allow banks to be ‘dealer for the day’. Programmes are typically listed on regulated stock exchanges.