A program is an efficient and cost effective way of listing debt securities. Under an umbrella of one base prospectus, a number of notes can be drawn down within a short period of time and in a cost effective way.
Programs are placed between short and medium term debt and are most similar to revolving credit lines. As such they enable issuers to take advantage of market conditions that best favour their needs and current cash flow situation, and can be a convenient cash flow management tool as they allow quick access to funds.
Flexibility and portfolio diversification are also important reasons for listing programs. Investors can chose from a wide range of programs, differing in timing, industry and sector. Although originally conceived as a medium-term instrument, programs are becoming increasingly used in various maturity dates, offering even further diversification.
The UKLA usually lists Medium Term Note (MTN) Programs under its fast track regime, thus enabling first comments to be provided within four working days, with further comments available within two days.
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