hard · Debt Capital Markets primary-issuance-syndication

An issuer establishing a 'Medium-Term Note (MTN) program' benefits primarily from which of the following operational efficiencies?

1. An automatic exemption from all disclosure requirements under the Securities Act of 1933.
2. The requirement that all bonds in the program must have the same maturity and coupon rate to ensure fungibility.
3. A guarantee that every bond issued under the program will receive an investment-grade rating regardless of the issuer's credit health.
4. The ability to execute 'drawdowns' or quick issuances off a pre-cleared base prospectus without documenting every new bond from scratch.

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