MTNs have become a major source of financing in international financial markets, particularly in the Euro-market, which has grown at a phenomenal rate. Euro-medium-term-notes are international securities offerings not sold in a domestic market, and thus, not subject to national regulations such as registration requirements. Although Euro-MTNs can be sold throughout the world, the major underwriters and dealers are located in London, where most offerings are distributed. The Euro-MTN market accommodates a large cross-section of borrowers, including sovereign countries, supranational institutions, financial institutions, and industrial companies. Two of the more important developments have been the growth of structured Euro-MTNs and the emergence of large, discreet offerings which are underwritten and often syndicated using the fixed-price reoffering method. The easing of regulatory restrictions by foreign central banks has played an important role in the growth of the Euro-MTN market. (Federal Reserve-Bulletin)