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1、CHAPTERFOURTEENMEDIUM-TERMNOTESLELANDE.CRABBE,PH.D.ConsultantOverthepastthreedecades,medium-termnotes(MTNs)haveemergedasamajorsourceoffundingforU.S.andforeigncorporations,federalagencies,supranationalinstitutions,andsovereigncountries.U.S.corporationshaveissuedMTNssince
2、theearly1970s.Atthattime,themarketwasestablishedasanalter-nativetoshort-termfinancinginthecommercialpapermarketandlong-termbor-rowinginthebondmarket,hencethenamemediumterm.Throughthe1970s,however,onlyafewcorporationsissuedMTNs,andby1981,outstandingsamountedtoonlyabout$80
3、0million.Inthe1980s,theU.S.MTNmarketevolvedfromarelativelyobscurenichemarketdominatedbytheautofinancecompaniesintoamajorsourceofdebtfinancingforseveralhundredlargecorpo-rations.Inthe1990s,theU.S.marketcontinuedtoattractadiversityofnewbor-rowers,andoutsidetheUnitedStates,t
4、heEuro-MTNmarkethasgrownataphe-nomenalrate.MostMTNsarenoncallable,unsecured,seniordebtsecuritieswithfixedcouponratesandinvestment-gradecreditratings.Inthesefeatures,MTNsaresimilartoinvestment-gradecorporatebonds.However,theygenerallyhavedif-feredfrombondsintheirprimarydi
5、stributionprocess.MTNstraditionallyhavebeensoldonabest-effortsbasisbyinvestmentbanksandotherbroker-dealersactingasagents.Incontrasttoanunderwriterintheconventionalbondmarket,anagentintheMTNmarkethasnoobligationtounderwriteMTNsfortheissuer,andtheissuerisnotguaranteedfund
6、s.Also,unlikecorporatebonds,whichtypicallyaresoldinlarge,discreteofferings,MTNsusuallyaresoldinrel-ativelysmallamountseitheronacontinuousoranintermittentbasis.BorrowerswithMTNprogramshavegreatflexibilityinthetypesofsecu-ritiestheymayissue.AsthemarketforMTNshasevolved,iss
7、uershavetakenadvantageofthisflexibilitybyissuingMTNswithlessconventionalfeatures.ManyMTNsarenowissuedwithfloatinginterestratesorwithratesthatarecomputedaccordingtounusualformulastiedtoequityorcommodityprices.ThischapterisadaptedandupdatedfromLelandE.Crabbe,“AnatomyoftheMe
8、dium-TermNoteMarket,”FederalReserveBulletin(August1993),pp.751–768.339Copyright©2005,2001,1997,1995,1991,1987,
