MATIF See marché à terme des instruments financiers. 0 Maturity The date on which the principal of a redeemable loan becomes repayable. Original maturity. The length of time from the issuing of a security or loan to the date of the last repayment. Residual maturity. The time left from today to the final repayment. So a bond due to mature on January 1st 2010 will return the principal and final interest payment on that date. Some loans do not have a redemption date. They continue for as long as the interest owed on them is paid. Mayday The day of New York’s big bang, May 1st 1975. MBO See management buy-out. Medium-term note A bond with, as the name suggests, a medium life span, usually anything between https://www.mediaondigital.com/services/integrated-branding-and-creative/ nine months and 30 years. Mediumterm notes became popular during the 1970s when companies were looking for an alternative form of financing to commercial paper. Medium-term notes are usually sold as and when a company needs them (hence the term medium-note programme). They are therefore rarely underwritten by an investment bank, as happens with other forms of bond. So if they do not sell, the issuer does not get the money. Merchant bank A UK investment bank engaged in corporate finance, portfolio management and a range of other activities for fees. Unlike a clearing bank, a merchant bank is not heavily involved in taking deposits, running personal bank accounts or in issuing and clearing cheques. Many of these banks owe their origins to trading houses established during the 19th century by families such as the Hambros, Schroders, Rothschilds and Lazards. Hence the term merchant bank. In the United States, a merchant bank is part of an investment bankthatadvisesonmergersandacquisitions,underwrites securities and takes positions on its own account in certain markets.Italsocoversbanksthatacceptdepositsfrommerchants stemming fromcredit card orcharge card transactions.