The EuroNote Market

Another market that you might hear referred to but not know exactly what it is is something that is called the Euronote Market.

This refers to the issuance by companies of so called debt instruments into the Euromarkets.

What this does is effectively acts as a method for smaller companies to the large bond issues that arise in the Eurobond market.

They are created usually through something that is known as a shelf program. This just means that the company sets up all the relevant legal documentation in advance and then an issue is based on this documentation...

Other names that these programs go under can include the following:
- Note Issuance Facilities
- Medium Term Note Programs

Often now corporates don't use banks as an intermerdiary when borrowing money, and this is called disintermediation for obvious reasons, and sometimes also securitisation of the debt markets.

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