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What does note issuance facility mean?

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note issuance facility
(NIF)
Noun

A financing arrangement in which a syndicate of banks guarantees to the issuer of a Euronote the availability of funding over a designated future time period by undertaking to either purchase any unsold notes at the contractually agreed rate if the notes are not successfully placed in the market or to provide “book credits” (i.e., a backup or standby credit facility) at each rollover date.

Synonym(s): 
  • Euro-note facility; Euronote facility; note purchase facility; note underwriting facility (NUF).
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