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 calculators a desk uses daily, and the same answers 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.

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, pricing date and a link to the document. A deal you want to keep an eye on can be bookmarked to My Deals.

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, no account needed.

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

Good Day Calculator

Which settle dates work for a callable structure — settle, first call and maturity 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.

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.

Callable Schedules

The coupon and call dates a structure implies, with the business-day status of each.

Discount Yield Calculator

Yield to maturity and yield to first call at a price, with the cash flows behind each.

Enter the structure, settlement, coupon and price. A bond priced above par yields negative to call — buying at 110 and being redeemed at 100 in a year is a loss, and the number says so.

Callable Money Market Yield

Money-market yield to each call date on the schedule, with bad days rolled to the next business day.

Days Between Dates

Day counts between two dates on 30/360 and Actual/360.

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.

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.