Fixed income only

US-MTNs covers US medium-term notes — the whole of what we cover, and the whole of what our numbers count.

There is no equity-linked structured product here, and none in any league table or count on the site.

What the platform does

We hold the offering documents and read them, so the market data, the deal tools and the APIs all work off the same terms.

• The market — every new issue that prices, with its structure, terms and document.
• Deals — issuers and bookrunners run new issues end to end; distributors place orders off the reoffer price.
• Offers — a firm's own shelf, for its sales desk and its end accounts.
• Tools and APIs — the Good Day Calculator a desk uses daily, and yields, structures and documents machine-to-machine.

Who uses it

Issuers, bookrunners, distributors, sales desks and investors — each sees the parts their firm is set up for.

• Issuer — issues the notes; self-runs deals or has a bookrunner run them.
• Bookrunner — runs the book for a deal, often for a third-party issuer: prices, distribution and approvals.
• Distributor — a dealer invited to a deal who places orders for their clients off the reoffer.
• Investor — reads the market, the league tables and whatever shelf they have been given access to.

This page shows every topic. Where a step-by-step is missing, that part is not enabled for your account — the line above it still says what it is.

On a phone

The menu folds behind the ☰ button at the top of the page, and CUSIP search is inside it.

Everything the bar carries on a desktop is in there — the section you are in, its pages, your account menu and the CUSIP search box. Tap ☰ to open it, and again to put it away.

Where your account has the section buttons — Market Monitor, MTN Offers and the rest — they stay above the bar rather than going into the menu, so switching section is still one tap.

Signing in, and a forgotten password

Accounts are created by your firm, not by signing up. Forgot Password emails a link; so does a fresh invitation.

Forgot Password sends a reset link to the address you enter, and answers the same way whether or not that address has an account here. So if nothing arrives, check the spelling and your junk folder rather than reading the message as confirmation either way.

A link lasts 24 hours and works once. If yours has run out, the page it lands on offers to send a fresh one.

If you have never set a password — your firm invited you and you are waiting on that email — the same applies: the link asks you to choose one, and you cannot sign in until you have. If it never arrives, email admin@us-mtns.com and we will send it again.

Reading the market without an account

The home page feed and the league tables are public, held a month behind. Signing in brings them up to today.

Two things here need no account at all: the market feed on the home page and the league tables. You can read both, follow the structures and the sizes, and quote the standings — they are real market data, not a sample.

What they are not is current. For a reader who is not signed in both stop a month short of today, and every page that holds something back says so at the top, naming the date it stops at. So the newest deals, this month's standings and the moves that go with them are the part an account is for. Signing in brings both to today — there is nothing else to switch on, and nothing is held back from a signed-in reader.

A finished year is public in full: the hold-back only ever bites on the year still running, because a completed year's standings cannot move. Pick an earlier year from the league page and you are looking at the whole of it — and no warning sits on it, because nothing is missing from it. The point-in-time view — the quarter-end jumps, and any as-of date — is public too, and it only ever looks further back, so it is unaffected.

In January the running year has nothing public in it yet, since the cutoff is still in December. Asking for the league tables without naming a year lands you on the previous year rather than on an empty table; the running year is still there if you pick it, and says why it is empty.

CUSIP search is not held back. Type or paste a CUSIP into the search box and you get that note's terms and its document, as current as we hold them, with no account. What the hold-back covers is discovery — what has priced, who ran it, how the year is going — rather than lookup of a bond you already know the number for.

What does need an account whatever its age is everything you act on or that belongs to your firm: deals, orders, prices, hedges, your Offers shelf, the downloads and the APIs. Which of those you get is set up per firm rather than signed up for.

What we hold about you, and which parts apply to your account

The Privacy Policy, in the footer of every page, says what we keep and how long each kind lasts — and labels each part by the job it is about.

Most of it is only about one of the four jobs above. So every part carries a label — Everyone, or Running, distributing or issuing deals — and when you are signed in the parts that are not about your account say so.

Nothing is ever hidden. It is one document, the same for everybody, whether or not you are signed in: the labels tell you what you can skip, not what you are allowed to read. If your account is not attached to a firm we cannot tell which job you do, and the page says that rather than guessing.

If you only read the market here — bonds, documents, the league tables — then what we hold is your account, the fact that you opened a page or a document, and anything you have asked or written to us. The parts about deals, orders, prices and hedges are not about you, because there is no way for you to make one.

Reoffer price

The current offer price per 100 par. Distributors order off it, and it can move during the day.

Pricing date

The date a deal prices. Tables show it, and how many days remain.

Prelim and final

A preliminary document is pre-pricing and its terms will move; the final is what the deal actually priced at.

Anywhere the site links a document it resolves the final if one exists and the preliminary otherwise, so one link keeps working across pricing.

Structure

How a note is shaped — a bullet runs to maturity, a callable can be redeemed early. Written as 5yNC1y: five-year term, not callable for one year.

Terms may be fractional (3.5y-nc-6m), and a bare number means years (3nc1y).

Deal statuses: Active, Paused, Closed

Three states, and only Active takes new orders.

• Active — live and accepting activity.
• Paused — no new orders. Existing trades and orders are unaffected and still need actioning.
• Closed — finalized, and listed under Closed Deals.

Live and priced deals

Every new issue we hold: what is in the market now, and everything that has priced.

• Live Deals (/secure/live) — issues currently in the market, with the preliminary document.
• Priced Deals (/secure/finalized) — everything that has priced, with the final.

Rows carry the issuer, structure, coupon, size, filing date, pricing date and a link to the document. A deal you want to keep an eye on can be bookmarked to My Deals.

Filing date is the day the document on that row was filed — the preliminary on Live Deals, the final on Priced Deals, so the two pages answer the same question about the document each of them links. On a priced deal it is usually a few days after the prelim went out, and it is not the pricing date: a deal filed on the 14th can price on the 30th.

Issuers is a single picker with the regions as its headings. Tick as many issuers as you like, or tick a region to take all of it — so a desk that follows five names across two regions can say exactly that. Your selection is remembered in this browser and re-applied next time you open the page; the line above the table says when a filter is in force, and Clear drops the filter and forgets it. Type, tenor and period carry your issuers with them, so changing one of those never silently widens the list.

Search

Find a note by CUSIP, issuer or ticker across everything we hold.

A CUSIP goes straight to that note. Anything else matches issuers and tickers.

League tables

Who ran what, ranked — by year, and grouped by geography. Public, with the year still running held a month behind until you sign in.

Counted on completeness: every note that prices, counted once, within the term the table is drawn on. Fixed income only, so nothing is inflated by product we do not cover. Pick a year from the page.

Without an account the running year stops a month short of today, and the page says so at the top with the date it stops at. Completed years are public in full and carry no such warning, and signing in brings the running year up to today. Through January the running year has nothing public in it at all, so asking for the league tables without naming a year lands you on the previous one. Reading the market without an account above has the whole of it.

Deals of 13 months and longer, which is the league-table convention and what the page shows unless you say otherwise. Tick Include deals under 13 months to count short paper too — the standings, the headline total and the largest-deals lists all move together, and the line under the total always says which basis you are looking at. Ticking it also splits the shortest column in two, so you can see what the floor was keeping out.

Exclude 144A deals and Group by geography are the other two boxes. Every box you change is carried by the year links and the quarter-end jumps, so switching year mid-comparison keeps the view you set.

Good Day Calculator

Which settle dates work for a structure — settle, maturity and, on a callable, first call all on business days.

A settle date is no use if the maturity it implies lands on a weekend, which is the usual reason a date fails. Enter a structure such as 5yNC1y and the page walks the next several weeks, marking each candidate and saying which of the three dates is the problem.

Bullets too. A bullet is just its term — 3y, 5y, 18m — and needs no NC. It has no call date, so the page tests the settle and the maturity and drops the First Call column rather than filling it with dashes.

The calendar first. Open the page with nothing typed and it draws the next three months, with every day nothing settles shaded — weekends greyed, and the holidays coloured by kind: federal, the bond-market closures that are not federal, and the New York State days. Each month lists its closures by name underneath. Enter a structure and the months are replaced by the settle dates that work for it.

Holidays are the US public and bank holidays observed in New York, plus Good Friday — the bond market closes then although it is not a federal holiday. Three of them — Lincoln’s Birthday, Susan B. Anthony Day and Election Day — are New York State holidays that the bond market trades through, and the calculator counts them as non-settling anyway. The calendar tones them apart and says so.

The calculators that used to be here

Yields moved to the API, on both bases. Dated schedules are gone.

Yield to maturity, to call and to worst — what the Discount Yield Calculator worked out — are answered by the yield API, from a CUSIP or from a structure and a coupon. Every response carries them on both bases: semi-annual bond-equivalent, and the simple Actual/360 the Callable Money Market Yield page was for. There is no page for either.

What has no replacement is the dated table those pages drew — a row per coupon or call date, with its own yield and business-day status. The API answers to maturity, to the next call and to the worst of them, not to every date in a schedule. Ask us if you need that back.

The APIs

The same market data and the same calculators, machine-to-machine, over HTTP with a bearer token.

Four read-only APIs share one credential: bond structures by CUSIP, the offering document itself, the good-day calculator and the yield calculator.

Discovery is public — read /api/schema for every endpoint and error code before asking anyone for a token. To be issued one, email admin@us-mtns.com.

Sending one firm a document, for one day

Upload a prelim your desk holds, or keep one a wholesaler emailed you, and get a link you can mail to a counterparty. It opens for whoever has it, with no account, and stops working at the end of the day. On Received Docs.

Received Docs is where a document you want one firm to read — and nobody else — lives. Every document your desk holds is on it: the PDFs wholesalers emailed you, and the ones you uploaded yourself with the form at the top of the page. Ask any of them for a link, and whoever holds that link can open the document with no account and no sign-in — and it stops working at the end of the day, so a link forwarded on, or found in an old mail next week, opens nothing. Your own firm reads its copies straight from the page, signed in, with no link and no expiry involved.

Two ways a document gets there. Keep for us on a row that a wholesaler emailed you, which is most of them; or Upload a prelim for one nobody emailed — a document off your own programme, or something a counterparty sent you another way. Either way it is yours: nothing on this page is filed, parsed or shown to another firm. To file a document on the site for everybody, email it to uploads@us-mtns.com instead.

An upload needs the CUSIP so the page can say which bond it is, and a note if you want one — "sent to Fifth Third" — which only your own firm sees. PDFs only, up to 20MB. The link is made as soon as the file is uploaded.

Ask for a new link whenever you need to send it again, and the one you sent before stops working immediately. That is deliberate: a link that could be revived would make "expires daily" meaningless. Revoke kills a link on the spot without waiting for the day to end — use it the moment a document goes to the wrong address. Revoking does not take the document away from your own desk; your firm goes on reading its copy from the page.

The same permission that lets you keep a document lets you upload or share one: the Upload documents role at a firm that issues bonds or runs books, or an address on an issuer's uploader list. Where you hold neither, the page says which of the two is available to you — and the documents are still listed, because reading them was never the thing being granted. Revoking needs nothing beyond reaching the page, so anyone at the firm can stop a link, including somebody covering for whoever sent it.

Treat the link as the document. There is no password on it and no record of who opened it: anyone you send it to can forward it, and until tonight that forward works. Share the narrowest thing that does the job, and revoke it when the conversation is over.

What a circle is

An agreed size for one dealer on one deal, at a price that does not move while it lasts.

A desk circles a dealer over the phone — "250k at 99.75 on the new 5-year" — and every ticket that dealer writes is at that price until the 250k is used up. After that their price floats with the reoffer again, unless the desk circles them another piece.

It is not the same as a fixed price, which is a standing arrangement with no size and never runs out. A circle is consumed, a deal can carry several over its life, and the filled ones stay on the record beside the open ones.

What Offers is

A firm's own shelf of notes, shown to its sales desk and to the end accounts it has given access to.

Where a firm has one, it is headed by the firm's own name — Our Offers — so an account always knows whose shelf they are reading.

Three audiences see it differently: whoever manages the shelf, the sales desk working from it, and the end account it is shown to.

A page looks out of date

The footer shows which build you are on; a hard refresh picks up a new one.

Static assets are unversioned, so a browser can hold an old copy of a page's scripts after a deploy.

Who do I contact?

For access, roles, API tokens or anything that looks wrong: admin@us-mtns.com.

Email admin@us-mtns.com and tell us what your firm does. Access is enabled per firm, so it is a conversation rather than a signup form. If you would like to support the site, see Sponsor us.