Medium Term Note (MTN)

A Medium-Term Note is a catch-all term to describe a bond that is issued under the umbrella of an MTN programme, an issuance programme that facilitates continuous issuance and which is used by pretty much all frequent issuers. MTNs can be issued as public bonds or as private placements. In the latter case, they are typically (but by no means always) sold in the form of structured notes with payoffs tailored to a smaller group of investors.