中期票据市场发展的国际经验

中期票据主要是指一种经监管当局一次注册批准后、在注册期限内可以分批发行的企业融资性票据，与公司债相比，中期票据在筹资成本、发行灵活性和筹资保密性等方面具有一定优势。文章介绍了国际中期票据市场的发展历史和现状，以及在传统中期票据基础之上的结构化中期票据品种的主要原理和发展状况。

International experience of medium-term note market development

Medium-Term Note (MTN) is a note used by a company to raise funds, which allows the firm to register with the supervision authority only once and, with approval from the authority, to offer issues of notes within the period of registration. Compared to corporate bonds, medium-term notes have an advantage with regard to financing cost, flexibility of issuance and discreet funding. This paper introduces the history and status quo of global MTN markets, as well as the principles and developments of structured ...