auction
A method of selling in which goods, securities, rights, etc., are sold in public to the highest bidder. In an English auction the potential buyers make bids and the highest bid is accepted. In a ...
continuous tender panel
A type of tender panel arrangement allowing the underwriters of the facility the right to subscribe up to the limits of their commitment for short-term promissory notes issued by the ...
direct bid programme
A condition within a tender panel allowing members to make direct, unsolicited bids to the issuer to issue new securities outside the formal tender process.
euronote facility
This allows borrowers to issue short-term promissory notes through a variety of note distribution mechanisms, under the umbrella of a medium-term commitment from banks which agree to buy notes at ...
fix
1 The determination and setting of an interest or exchange rate, or security or commodity price. Used principally for determining reference rates for euronotes, floating rate certificates of deposit; ...
grantor underwritten note
An agreement according to which a group of banks buy fixed-rate notes from investors and sell them on by auction.
issuer set margin
A condition of a note issuance facility which allows the issuer to set the maximum margin that notes can be bid for in a tender which has a continuous tender ...
note issuance facility
A means of enabling short-term borrowers in the eurocurrency markets to issue euronotes, with maturities of less than one year, when the need arises rather than having to arrange a separate issue of ...
securities house
A large stockbroker-based financial institution, many of which have grown since the 1980s to provide investors with facilities of all types on a global scale. They encompass the activities of ...
short-term note issuance facility
(SNIF).Another name for a note issuance facility or revolving underwriting facility but which tends to be used for euronote facilities with a tender panel.
special bid
The right of a member of a tender panel to place a bid which is treated in a different manner to those of other bidders (cf. non-competitive bid).
tender panel Reference library
The Handbook of International Financial Terms
A type of issuing or loan facility arrangement where a predetermined group of banks and/or broker-dealers agree to try and
