Debt obligations typically issued under a medium-term note program that often have maturities of between two to five years, although other maturities are possible. MTNs tend to have their own settlement procedures and marketing methods, similar in some respects to those of commercial paper.

Traditionally, MTNs filled the financing gap between short-term commercial paper and long-term debt.

For more information on MTNs and MTN programs, see Practice Notes, Medium-Term Note Programs (US): Overview and Registered MTN Programs: Establishing, Updating, and Issuing.