firms-Bear Stearns (BEAR) and Goldman Sachs (GS)-will dis- tribute the issue. Not all MTNs are sold on an agency basis; some have been underwritten. An issuer with an active MTN program will post rates for the matu- rity ranges it wishes to sell. Fixed rate interest payments are typically THEGLOBALMONEYMARKETS     semiannual basis with the same interest payment dates applicable to all of the notes of a particular series of an issuer. Of course, the final interest payment is made at maturity. Floating-rate MTNs may have more fre- quent coupon payments. If interest rates are volatile, posted rates may change, sometimes more than once per day. The notes are priced at par which appeals to many investors because they do not have to be con- cerned with either amortizing premiums and accreting discounts. Any change in new rates will not affect the rates on previously issued notes. The purchaser may usually set the maturity as any business day with the offered maturity range, subject to the borrowers approval. This is a very important benefit of MTNs as it enables a lender to match maturities with its very own specific requirements. As they are continuously offered, an investor can enter the market when portfolio needs require and will usually find suitable investment opportunities. With underwritten issues, the available supply-both in the new issue and secondary markets- might be unsatisfactory for the portfolios needs. A particular series of MTNs may have many different maturities but all will be issued under the same indenture. The bulk of the notes sold have maturities of less than five years.   CHAPTER6 DebtObligationsof Financial Institutions