▁in ▁the ▁program . ▁With ▁call ▁options , ▁the ▁deb tor ▁have ▁a ▁right ▁to ▁rep ay ▁the ▁principal ▁earlier ▁than ▁at ▁its ▁m atur ity . ▁In ▁case ▁of ▁decrease ▁of ▁the ▁market ▁interest ▁rates ▁the ▁business es ▁can ▁rep ay ▁the ▁old ▁notes ▁and ▁issue ▁new ▁ones ▁at ▁the ▁lower ▁rates . ▁As ▁this ▁represents ▁significant ▁increase ▁in ▁risk ▁for ▁the ▁invest ors , ▁it ▁may ▁result ▁in ▁higher ▁interest ▁rates ▁for ▁these ▁notes . ▁On ▁the ▁other ▁hand , ▁put ▁options ▁guarante es ▁invest ors ▁possibility ▁to ▁re de em ▁the ▁principal ▁before ▁the ▁m atur ity ▁( at ▁some ▁specific ▁point ▁of ▁time ), ▁which ▁leads ▁to ▁lower ▁interest ▁rates . ▁ ▁Of fer ing ▁size ▁ ▁The ▁offering ▁size ▁plays ▁a ▁significant ▁role ▁in ▁cost ▁differenti ating ▁between ▁M T N s ▁and ▁standard ▁corpor ate ▁b onds . ▁For ▁large ▁issues , ▁the ▁interest ▁and ▁under writing ▁costs ▁for ▁iss uer ▁may ▁be ▁lower ▁for ▁corpor ate ▁b onds , ▁due ▁to ▁econom ies ▁of ▁scale ▁in ▁under writing ▁and ▁its ▁greater ▁liquid ity . ▁However , ▁for ▁smaller ▁sizes , ▁this ▁liquid ity ▁prem ium ▁would ▁be ▁ins ign ific ant ▁and ▁the ▁econom ies ▁of ▁scale ▁would ▁have ▁opposite ▁effect . ▁Moreover , ▁the ▁M T N ▁distribution ▁process ▁allows ▁the ▁iss uer ▁price ▁disc rim inate , ▁by ▁splitting ▁the ▁desired ▁amount ▁into ▁smaller ▁issues ▁and ▁negoti ate ▁a ▁separate ▁interest ▁rates ▁and ▁m atur ities ▁for ▁each ▁issue . ▁This ▁may ▁lead ▁to