Are mid term notes still being issued
Executive summary
Yes — medium‑term notes (MTNs) and related note issuances remain an active funding tool across markets: corporations and supranationals continue to place MTNs and EMTNs, and companies also use convertible and other note formats, as recent January 2026 announcements demonstrate [1] [2] [3]. Legal and market frameworks that support continuous MTN programs remain in force and widely used, though issuance strategy and maturity choices are being shaped by evolving rate expectations and issuer needs [4] [5] [6].
1. Market evidence: fresh issuance in January 2026 shows MTNs are alive
Large, named issuers announced note placements in January 2026, with Air France-KLM successfully placing a €650 million senior unsecured note under its EMTN program on January 8, 2026, demonstrating active use of medium‑term programs by corporates [1], and Municipality Finance reporting EUR 10 million (and larger EUR 100 million / USD 500 million) notes under its MTN programme with trading expected in late January 2026 [2], confirming that both private and public MTN channels remain operational.
2. Variants beyond classic MTNs: convertible and structured notes are in play
Issuance activity is not limited to vanilla MTNs; companies are also using convertible notes and bespoke private placements as part of financing packages — for example SCHMID Group announced a $30 million senior convertible notes private placement on January 18, 2026, illustrating that note formats across the maturity and structure spectrum continue to be issued [3].
3. Why issuers still use MTN programs: flexibility and ongoing access
MTN programmes permit issuers to offer notes from time to time without repeating full documentation, giving flexibility to tailor sizes and maturities to funding needs and investor appetite — a legal and practical advantage described in Practical Law and Investopedia guides explaining programmatic registration and continuous issuance mechanics [4] [5]. Industry primers also note MTNs’ appeal to issuers seeking rolling access to debt markets and a range of coupon and maturity structures [7] [8].
4. Market forces shaping tenor choices: central bank posture and demand for intermediate maturities
Policy and balance‑sheet moves matter for maturity selection: commentary from fixed‑income research highlights a shift toward shorter maturities in treasury strategies and Fed portfolio alignment that could make two‑to‑seven year issuance relatively more attractive, an environment that favors medium‑term tenors and thus supports MTN demand but also injects volatility into longer‑dated markets [6].
5. Practical challenges and differing issuer preferences
Running an MTN programme requires dealer coordination, maintenance of legal documentation and timing judgement, which can be operationally complex and influence whether an issuer prefers MTNs or benchmark bond tranches [9] [10]. At the same time, some issuers may favor one‑off benchmark transactions or other note types depending on investor base, pricing and complexity — a nuance noted across practical guides [4] [11].
6. Evidence of redemption and liability management alongside issuance
Issuance activity coexists with active liability management: TELUS’s stated redemption of a C$600 million notes series in January 2026 following a December 2025 hybrid issuance shows firms are both issuing and redeeming notes as part of balance sheet strategy, underscoring MTNs’ role inside broader debt programs rather than as a standalone trend [12].
7. What reporting shows — and what it doesn’t
Contemporary press releases and market guides confirm MTNs and related note issuances continue to be used globally by corporates and supranationals [1] [2] [3] [4] [5], but the sources do not provide a comprehensive issuance volume trend across all markets for 2025–2026; therefore, while clear examples and mechanics exist in public filings, a full quantitative picture of issuance volumes relative to prior years is not available in the referenced reporting [1] [2] [3].