▁iss uer ▁and ▁the ▁agent ▁is ▁thus ▁not ▁guaranteed ▁funds . ▁Flo ating ▁rate ▁medium - term ▁notes ▁can ▁be ▁as ▁simple ▁as ▁pay ing ▁the ▁holder ▁a ▁cou pon ▁linked ▁to ▁Eur ib or ▁+ /- ▁basis ▁points ▁or ▁can ▁be ▁more ▁complex ▁struct ured ▁notes ▁linked , ▁for ▁example , ▁to ▁swap ▁rates , ▁tre as uries , ▁indices , ▁etc . ▁The ▁amount ▁of ▁the ▁issues ▁usually ▁ranges ▁from ▁$ 1 0 0 ▁million ▁to ▁$ 1 ▁billion . ▁In ▁the ▁recent ▁years , ▁M T N s ▁have ▁become ▁major ▁source ▁of ▁finan cing ▁in ▁international ▁financial ▁mark ets , ▁both ▁in ▁US ▁and ▁EU . ▁ ▁Iss u ance ▁ ▁M T N s ▁can ▁be ▁issued ▁with ▁a ▁fixed ▁m atur ity ▁date ▁( non call able ) ▁or ▁can ▁be ▁issued ▁with ▁embedded ▁call ▁or ▁put ▁options ▁and ▁triggers ▁where ▁the ▁notes ▁will ▁re de em ▁early ▁based ▁on ▁certain ▁parameters . ▁M T N s ▁are ▁most ▁commonly ▁issued ▁as ▁senior , ▁non call able ▁un sec ured ▁deb t ▁of ▁invest ment ▁grade ▁credit ▁r ated ▁entities ▁which ▁have ▁fixed ▁rates . ▁M T N s ▁offer ▁more ▁flex ibility ▁to ▁the ▁iss uer ▁and ▁invest or ▁both ▁in ▁terms ▁of ▁structure ▁and ▁documentation . ▁Iss u ance ▁of ▁M T N s ▁to ▁invest ors ▁based ▁in ▁the ▁US ▁( under ▁the ▁SE C ▁rule ▁ 4 1 5 ) ▁requires ▁a ▁separate ▁US ▁M T N ▁program ▁approved ▁by ▁the ▁SE C