Abbreviation for English medium-term notes. Medium-term notes refer to debt financing instruments issued by non-financial enterprises with legal personality in stages in the inter-bank bond market according to the plan, and agreed to repay the principal and interest within a certain period of time. When a company issues medium-term notes, it usually arranges a flexible issuance mechanism through the contractor manager. Through a single issuance plan, bills with different maturities can be issued many times, which is more in line with the financing needs of the company. Medium-term notes issued in Europe's European money market are called European medium-term notes.

Medium-term notes have obvious substitution effect on bank medium-term loans. Once customers with high credit quality turn to medium-term bill financing, commercial banks will face the threat that the profits of traditional asset business will be eroded, thus forcing commercial banks to carry out profound transformation, actively adjust their customer structure and business structure, improve their risk pricing ability, and seek new customers and businesses with matching risks and benefits, so as to adapt to the situation of increasing the proportion of direct financing and shrinking the relative scale of loans.

In terms of investment strategy, under the premise that the bond market is still improving in the future, allocation institutions can still pay attention to the trend of medium and long-term national debt, and trading institutions can also increase the proportion of medium and long-term national debt investment to obtain the spread income under the bond bull market. In terms of relative value, the investment value of credit products such as corporate bonds, corporate bonds and AA short-term financing is higher, and institutions such as funds and insurance can continue to increase the proportion of credit products.