MTN programme for Dutch Municipalities

This programme gives Dutch municipalities direct access to the European capital market through the issue of Medium Term Notes. In the context of this programme, a Medium Term Note (MTN) is an instrument that allows municipalities to raise funding with a maturity of at least one and at most fifty years. An MTN is a negotiable bearer bond with standardised conditions.

BNG Bank is both the Arranger and Issuing and Paying Agent for this programme.

Among other duties as Arranger, BNG Bank facilitates the access of new municipalities to the MTN Programme for Dutch municipalities and assesses annually whether the Information Memorandum requires amending or supplementing.

In its role of Issuing and Paying Agent, BNG Bank provides municipalities with administrative support when they decide to issue MTNs. Administrative support provided by BNG Bank includes:

• authenticating the Global Note (a bearer security stating the total value of the MTNs for that issue);
• filing the Global Note with Euroclear Netherlands;
• transferring the payment of the principal and the interim interest.