What is MTN (Medium Trade Notes) ?

中期票据Medium Term  Note  (MTN)  一般指年期3-15年的票据,当然亦可以进行即时的买卖。

 

MTN 的买卖方式和收益

 

1. 当进行欧元中期票据"E- MTNs" 的交易, 或购买该票据来投资,储蓄或做投资买卖时,需要一个合格的瑞士证券所和全球投资银行家(Bankers)的参与。

 

2. 而所谓的 “银行家” 其职位通常为投资组合经理,投资人,中介人,媒体和顾问,这些职位使他们更容易将投资机会介绍给世界级金融机构和私人投资集团。

 

3. 银行家将欧洲美元的 MTN's 描述成 3到 10年到期,新发行,和已发行的,以美元为面值的欧洲债券,欧洲中期票据,银行债务票据,次级票据,或没有利息的息票,或公司股票,由标准普尔A级以上银行发行或担保 ”。许多新发行的票据对购买人没有任何限制,在发行40天期间非美国市民也可以购买。

 

4. 银行家的业务包括: 100%的融资,递交担保物,保管工具和完全保证 E-MTN 购买者在退出时有完全的自由.

5.  银行家将安排购买E-MTN 同时可以提供100% 融资,利息为0.5%,低于一年期美国主要利率。银行家 也能安排不同于美元面值的证券的发放和担保,甚至能够提供购买人能够以完全的市场价格(伦敦)卖出票据,即退出该市场。 

购买和融资的银行费用包括 :

100%的贷款
开始购买价
卖出价
1. $100 到500万
$50,000
$50,000
2. $600到1500万
$100,000
$75,000
3. $1600到 2500万
$200,000
$100,000
4. $26 00到5000万
$300,000
$150,000
5. $5100到7500万
$400,000
$200,000
6. $7600到 10000万
$500,000
$250,000
超过 $10000万
可以协商
可以协商

MTN 的等级为 "A+", 和更好的话,其价格将为面值的56-58%.

6. 欧洲银行支付保函是非次级欧洲银行中期债券,欧洲银行债券,欧洲全球票据, "E- MTN": (该 MTN 要求100%结构融资项目。融资将在下面描述。该银行票据的优点是在到期之日建议贷款的本金将保证100%返回。)银行家 将安排购买 MTN 和其他银行债券形式。

7. 给你的票据价格很由竞争力。这些证券可以协商,可以转移,可以分配,用途广泛,因此他们很有卖点。储蓄和投资是最保守的用法。这些证券也能够提供给潜在的放款人,和投资人作为到 MTN 到期日归还贷款的保证,同时你也要提供良好的项目。

8. 银行家给 MTN 银行保函的放置费用将根据你所要求的 MTN 的数量. 他们尽量接受最低的开证费用,在签署协议和承诺和结束文件发行后,他们才会收取费用。他们将在你贷款收益中扣除这些费用。

在本站观看。。。 德国商业银行的中期票据投资计划 CommerzBank's Medium Term Note Programm 更多有关中期票据的知识...

大众汽车集团运用中期票据 MTN 方式融资实例  太古股份有限公司运用中期票据 MTN 方式融资实例


MTN 交易程序                          MTN CLOSING PROCEDURES (Simply)

1.      BUYER SUBMITS THIS LETTER OF INTENT (LOI) / MEMORANDUM OF AGREEMENT (MOA) WITH FULL BANKING CO-ORDINATES, CLIENT’S INFORMATION SHEET, COPY OF THE SIGNATORY’S PASSPORT, CORPORATE RESOLUTION, CURRENT PROOF OF FUNDS WHICH IS NOT OLDER THAN THREE DAYS :SUCH AS BANK CAPACITY LETTER, BANK STATEMENT OR TEAR SHEET  WITH LETTER OF AUTHORIZATIONS  TO VERIFY FUND AND A NOTARIZED FEE PROTECTION AGREEMENT.

1. 买方提交这份意向书(LOI)/协议备忘录(MOA),具有买方的完整的银行坐标,客户的资料,签字人的护照复印件,公司决议, 目前不超过3天的货币资金证明:如银行资信证明,银行对帐单或授权查询函,以及一份公证的佣金保护协定.

 

2.      WITHIN TWO (2) INTERNATIONAL BANKING DAYS THEREAFTER, SELLER SIGNS, STAMPS AND RETURNS BY FAX THE LOI, WHICH WILL BECOME A MEMORANDUM OF AGREEMENT (MOA), WITH SELLER’S FULL BANKING CO-ORDINATES. FAX COPIES OF THIS MOA WILL INITIATE THE TRANSACTION.

2. 在两(2)国际银行业工作天内,卖方签字、盖章,并以传真形式回传意向书(LOI, 这将成为一份带有卖方完整的银行坐标的协议备忘录 (MOA). 该份(MOA)的传真件将启动交易.

 

3.      SELLER’S BANK THEN ISSUES A PRE-ADVISE INFORMING BUYER’S BANK THAT THEY (SELLER’S BANK) ARE RWA TO DELIVER THE INVOICE FOR THE FIRST TRENCH THEREAFTER WITHIN THREE (3) INTERNATIONAL BANKING DAYS BUYER’S BANK SHALL SEND BY SWIFT MT103 FIELD 23 VIA BANK-TO-BANK PROTOCOL TO SELLER’S BANK PER EXHIBIT A.

3. 卖方的银行紧接着发出预开保函的通知,告知买方的银行,他们(卖方银行)随时愿意和能够交付头笔划账的发票,此后,3(3)个国际银行工作日内,买方银行须以SWIFT MT103 / 23方式依照银行间议定,发送给卖方的银行每笔交易票的首页。

 

4.      UPON RECEIPT AND SATISFACTORY VERIFICATION OF AFORESAID SWIFT MT103/23, WITHIN FIVE (5) INTERNATIONAL BANKING DAYS, THE SELLER SHALL DELIVER THE “CERTIFIED CORPORATE INVOICE OF MTN” TO BUYER’S BANK TOGETHER WITH PRINTOUT OF EUROCLEAR SCREEN CONTAINING BUT NOT LIMITED TO CUSIP/ISIN NUMBERS, ISSUING BANKS, DATE OF ISSUANCE AND MATURITY, DENOMINATIONS, TEXT OF INSTRUMENT, CUSTODIAL SAFEKEEPING NUMBERS, EUROCLEAR SCREEN ACCESS CODES, FULL BONDING POWER INFORMATION, ETC.  (NOTE: “PRIVATE PLACEMENT” TO BE SHOWN ON THE INVOICE PRICE ON CORPORATE INVOICE AND NO PRICE SHALL BE SHOWN ON SCREEN.)

4. 收到并满意地核查上述MT103/23,5(5)个国际银行业工作天内,卖方应提供"MTN的公司认证发票"买方银行连同打印出的EUROCLEAR SCREEN ACCESS CODES,但不仅限于CUSIP / ISIN 号码,开票银行,签发日期和到期日,面额,票据文书,安全保管号码,欧洲清算系统屏幕接驳短码,充分结合电力信息等. [: “PRIVATE PLACEMENT(私募--发行债券时直接将债券全部售予法团投资人)将显示在企业发票的发票价格上,并不会有价格显示在屏幕上].

 

5.      AFTER VERIFICATION AND AUTHENTICATION OF THE CORPORATE INVOICE, BUYER WILL ACCEPT THE MTN AND WITHIN EIGHT (8) BANKING HOURS, BUYER’S BANK SHALL RELEASE THE PAYMENT VIA SWIFT WIRE TRANSFER TO SELLER’S BANK.

5. 经核实和认证的公司发票,买方将接受MTN并在8(8)银行业小时内,买方银行将释放付款迅速透过SWIFT电汇至卖方的银行.

 

6.      THE HARD COPIES OF  THE MTN TO BE DELIVERED VIA  BANK  BONDED  COURIER  TO BUYER’S BANK WITHIN SEVEN (7) BANKING DAYS AFTER THE PAYMENT IS RECEIVED BY SELLER’S BANK.

6. MTN的硬拷贝将予交付通过银行保税信使向买方银行在七(7)银行业 天之后收到付款卖方的银行.

 

7.      ALL SUBSEQUENT TRENCHES WILL BE BASED ON THE SAME PROCEDURES UNTIL COLLATERAL OR FUND BECOMES EXHAUSTED.

7. 随后所有Trenches(各笔交易)将基于同样的程序,直到抵押品或基金成为用尽.

 

I want to know more about the Procedures...


What is MTN

 

A Medium Term Note  (MTN) is a debt note that usually matures (is paid back) in 5-10 years, but the term may be as short as one year. They are normally issued on a floating basis such as Euribor +/- basic points. When they are issued in euro they are " Euro Medium Term Notes " and can trade in the markets .   Why Medium Term ?

Medium-Terms Note Program

A corporate note continuously offered by a company to investors through a dealer. Investors can choose from differing maturities, ranging from nine months to 30 years.

1.  The notes are usually connected to a Medium-Trade Note Program, which is a funding program used by companies to receive bond debt funding on a regular and continuous basis. There programmes can include more than one issuer although the issues are independent up to a maximum amount authorized. programmes are registered in a supervisory authority such as the London Stock Exchange, the Luxembourg Stock Exchange...

2.  Notes range in maturity from one to 10 years. By knowing that a note is medium term, investors have an idea of what its maturity will be when they compare its price to that of other fixed-income securities. All else being equal, the coupon rate on medium-term notes will be higher than those achieved on short-term notes.

3.  This type of debt program is used by a company so it can have constant cash flows coming in from its debt issuance; it allows a company to tailor its debt issuance to meet its financing needs. Medium-term notes allow a company to register with the SEC only once, instead of every time for differing maturities.

有关中期票据买卖的详尽说明 Detailed Explanation of Medium-Trade Note Programs


Corporate Medium Term Notes (MTNs) 

"Corporate MTNs", are simple one mechanism available to selling off Corporate Debt.  These 'Corporate MTNs' are sold and traded on the Open Market, just like any other stock, security, or bank instrument.

It is often very advantageous for a company to sell off their "Debt."

Some advantages are:

    (1)    Getting Rid of the Debt
    (2)    Raising Capital
    (3)    Better Market Exposure
    (4)    Freeing Up Assets to Pursue Other Things

IN A FINANCIAL WORLD GONE CRAZY, DEBT IS AN 'ASSET'

    We are ready to assist You:

        (1)    Creating the avenue to Sell "New Bonds"
        (2)    Arranging to Sell "Existing Bonds"


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