A flexible medium-term debt instrument that is issued and traded outside of Canada and the United States and requires fixed dollar payments. EMTNs are issued directly to the market with maturities of less than five years and are offered continuously rather than all at once like a bond issue. 

|||EMTNs make it easier for issuers to enter into foreign markets for capital. With EMTNs, the issuer maintains a standardized document (known as a program) that can be transferred across all issues and has a great proportion of sales through a syndication of pre-selected buyers.