A FIXED INCOME security issued by a company or sovereign entity in the EUROMARKETS from a standing program arranged by an UNDERWRITER; once the program is registered issuance can take place at will. Financing via an EMTN program gives an issuer considerable flexibility in accessing funds in the form, and at a time, deemed most beneficial. EMTNs can be issued in a range of currencies and maturities (up to 30 years), in fixed rate, floating rate, collateralized, amortizing, and creditsupported form. A single issue from an EMTN program can be likened to a EURONOTE or EUROBOND. See also EURO COMMERCIAL PAPER, MEDIUMTERM NOTE.

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