Medium Term Note Programmes (MTNP) consist of a bankruptcy-remote special purpose vehicle owned by a foundation or a charitable trust that issues limited recourse secured notes. The proceeds of the notes are used to finance the purchase of financial instruments which in turn serve to provide the security for the notes directly or via the cashflows that they generate. The notes provide the investor with indirect investment in the underlying financial instruments. The exposure to the financial instruments is sometimes provided via a swap.

The notes issued may be tailored to pay capital and interest on virtually any basis provided the underlying cashflows from the financial instruments / swaps can be modelled to provide what is needed. The notes issued may be rated and quoted should that be required by the investor. Due to the specific tailoring of the notes they normally have a sole, or very limited number, of investors in each note.

MTNP can be further categorised as:

• a Multiple Issuer Programme - where separately incorporated SPVs each issue one series of notes secured on their only assets. These programmes are now more commonly run through an Incorporated Cell Company (ICC) or a Protected Cell Company (PCC).
  
• a Multiple Issue Programme - where an SPV issues an unlimited number of series of notes each secured on different underlying assets. The programme documentation enables the segregation of assets and respective security interests of the noteholders.

Ogier has experience in establishing and successfully administering both types of MTNP and can provide the following services in this respect:-

Services

• Incorporation of SPVs, ICCs and PCCs (and further cells once incorporated).
  
  
• Establishment of charitable trusts, foundations and limited partnerships.
  
  
• Registered office, registered agent, secretarial and registrar services.
  
  
• Provision of directors (individual or corporate) and trustees.
  
  
• Bookkeeping and preparation of financial statements.
  
  
• Cash management and treasury services.
  
  
• Agent for service of process.
  
  
• Escrow / nominee services.
  
  
• General corporate administration services.