Market Trends 2019/20: Medium-Term Note Programs

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This market trends article examines recent trends regarding medium-term note programs (MTN programs), providing an overview of the market in 2019 and 2020 with a focus on general deal structure and process, recent deal terms, and disclosure trends. Financial service companies, such as bank holding companies, continued to use medium-term note programs as their vehicles for issuing large, underwritten offerings of notes as well as structured notes in 2019. A significant change occurred in 2019 and early 2020: the addition of new provisions adding the secured overnight financing rate (SOFR) as a new base rate for issues of floating rate notes, in anticipation of the replacement of U.S. dollar LIBOR.

Originally Published in the Lexis Practice Advisor - July 2020.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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