Terms of use

Last updated 6 October 2026. These replace the version dated 28 June 2023.

1. Who you are agreeing with

US-MTNs Inc, a company registered in Delaware, at 8 The Green, Suite B, Dover, DE 19901, United States. Write to admin@us-mtns.com about anything on this page.

These terms cover this site on every name it answers to — us-mtns.com, us-mtn.com and us-mtns.ai are one site, not three — and anything else we run that links to them. Using the site is accepting them. If you do not accept them, do not use it.

The Disclaimer and the Privacy Policy are part of this agreement, and both are posted here to read.

We change these terms when the site changes. The date at the top is when we last did, and carrying on using the site after a change is how you accept it. We will not write to you about it, so read this page again if it matters to you.

2. What this site does

It reports on the US medium-term note market: new issues as they come, who ran them, the offering documents behind them, league tables, and the calculators that go with the paper. Anyone with an account can read that, and much of it is readable without one.

For firms set up with us it is also where the work is done — launching a deal, taking and working orders, streaming offers to ATS venues, keeping a shelf of bonds for the firm's own clients, and passing offering documents to the firms entitled to them.

We are not a party to anything you trade here. Nothing on the site is investment, legal, tax or accounting advice, a recommendation, or an offer or solicitation to buy or sell any security; prices, sizes and terms shown are indicative and move. The Disclaimer says all of that properly and is part of these terms.

We make no claim that this site satisfies any obligation of yours. Your own compliance, supervision, suitability and record-keeping are yours, whatever the site does or does not hold.

3. Your account

You can make an account yourself, and what it shows you is the market. Everything a firm does here needs that firm to be set up with us and the roles to be granted — arranged with us, and administered day to day by a manager at your firm, who can take them away again.

Your sign-in is yours alone. Do not share it, and tell us at once if you think somebody else is using it. What is done with your sign-in we treat as done by you and by your firm, and we act on it: an order entered, a price published, a cost approved or a document sent is recorded against your address and your firm, and the people on the other side of it rely on that.

Keep what you tell us current. We can refuse or withdraw an account where it is not.

An administrator at US-MTNS can sign in as you, to see what you are seeing when something is wrong.

4. What you may do with what the site shows you

This site is built to be used in front of your clients, so the permission has to cover that. For your firm's own business in this market, you may read, download, print and send on what the site shows you to the people you deal with. Where the site gives you a way of doing it — the Copy button on a sales sheet, a document link that works until the end of the day — that is what it is for.

What is not permitted is turning us into a product of your own: republishing what is here as a feed, a screen, a database or a service, selling it on, or building something competing out of it. Scraping is the same thing by another route.

Read the site as a person, or use an interface we have given you a credential for. We serve machines as well as browsers — a desktop tool, document and structure endpoints, the calculators — and each needs a key we issue. Automating anything else, including driving the pages themselves, is not permitted.

Some documents are held for one firm only, and the site says so when it shows you one. That copy is for your firm: the link in the page opens for your own signed-in people and for nobody else, so passing it on achieves nothing.

To send one outside, use the day-long link the site will make for you — and know what it is. It needs no account: whoever holds it can open it, until the end of that day in New York. Send it to the counterparty who should have the document, and to nobody else.

The software, the pages, the design, and our name and logo are ours, and nothing above gives you a right to those beyond using the site.

5. What you put in

Your orders, prices, deal terms, shelves and documents are your firm's, not ours. We do not sell them, we do not publish them, and we do not hand them to anybody the work does not require.

To run the site we need permission to hold what you put in and show it to the people the job requires: your own clients where you shelve a bond for them, the venue where you stream an offer, the firm running the deal and the issuer whose deal it is where you place an order, and the other people and administrators at your own firm. That is what this permission is, and it goes no further.

Questions you type into the Ask box, and anything you send us through Tell us something, we read and use to make the site and its help better. The Ask box says on screen not to type anything confidential into it, and that is meant literally.

What you put in has to be yours to put in, and right. You are responsible for it on both counts.

6. What you must not do

This is the whole list:

• reach for what is not yours — another firm's book, another firm's documents, another person's account;
• get round the controls that decide what you can see, or try to;
• automate access beyond the endpoints named above;
• break the site, or make it slow for everybody else;
• pass a document held for your firm alone outside that firm;
• use the site to break the law, or to do anything your own regulator would not permit.

We can end your access for any of these, without notice.

7. Other people's sites and documents

Some of what the site points at is not ours and not on our servers — an offering document on an issuer's or a regulator's site, most often. We do not check those, we do not control them, and a link is not an endorsement. Once you follow one you are on somebody else's terms, and whatever happens there is between you and them.

8. The site will not always be up

We change this site constantly, and we take it down when we need to. We do not promise that it is available, accurate or complete, that any particular thing on it will stay, or that we will tell you before it goes. We are not liable for what you could not do while it was unavailable. Where something on it is wrong, we correct what we find, and we are not obliged to announce that we have.

9. Ending it

You can stop using the site whenever you like. Your firm's manager can remove your access, and so can we — at our discretion, with or without notice, if these terms are broken or if the arrangement with your firm ends.

Closing an account does not erase what was done through it. Orders, trades and the audit trail are business records of other people's dealings as much as yours; the Privacy Policy says what is kept and for how long.

10. What we do not promise, and what we owe you

THE SITE IS PROVIDED AS IS AND AS AVAILABLE, AND YOUR USE OF IT IS AT YOUR OWN RISK. TO THE FULLEST EXTENT PERMITTED BY LAW WE DISCLAIM ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT, AND WE MAKE NO WARRANTY AS TO THE ACCURACY OR COMPLETENESS OF ANYTHING ON IT OR ON ANY SITE IT LINKS TO.

IN NO EVENT WILL WE OR OUR DIRECTORS, EMPLOYEES OR AGENTS BE LIABLE TO YOU OR TO ANY THIRD PARTY FOR ANY INDIRECT, CONSEQUENTIAL, EXEMPLARY, INCIDENTAL, SPECIAL OR PUNITIVE DAMAGES, OR FOR LOST PROFIT, LOST REVENUE OR LOST DATA, EVEN IF WE WERE TOLD THEY WERE POSSIBLE. OUR TOTAL LIABILITY TO YOU, WHATEVER THE CAUSE AND WHATEVER THE FORM OF THE CLAIM, IS LIMITED TO WHAT YOU HAVE PAID US, IF ANYTHING.

Some states do not allow those limits. Where that is so, as much of the above applies as the law allows and you may have rights it does not take away.

You will defend and indemnify us, and our officers, agents and employees, against any claim a third party makes because of what you put in, your use of the site, your breach of these terms, or your infringement of somebody else's rights — including reasonable legal costs. We may take over the defence of such a claim at your expense, and we will make reasonable efforts to tell you when one arrives.

We keep backups, but you are responsible for your own records. We are not liable for data that is lost or corrupted.

11. Law, and what happens if we disagree

These terms and your use of the site are governed by the law of the State of Delaware, without regard to its conflict-of-law rules.

Talk first. Either of us must give the other written notice of a dispute and try to settle it informally for at least thirty days before starting anything else.

Then arbitration. A dispute neither of us can settle is resolved by binding arbitration under the Commercial Arbitration Rules of the American Arbitration Association, in Delaware. That means neither of us goes to court in front of a jury. It is between the two of us only: no class action, no joining somebody else's claim, nobody bringing one on behalf of the public. Either of us may still go to court to protect intellectual property, to stop misuse of the site or of what is on it, or for an injunction. A claim has to be brought within one year of what it is about.

If a dispute does end up in court, it belongs in the state and federal courts of Delaware, and we both accept their jurisdiction.

12. The rest

Electronic is enough. Using the site, emailing us and submitting a form here are records in writing, and you agree to receive notices electronically and to the use of electronic signatures and records.

If one part of these terms turns out to be unenforceable, the rest stands. Our not enforcing something now does not waive it later. We may assign this agreement; you may not without our agreement. Nothing here makes us partners, or either of us the other's agent or employee. We are not liable for a failure caused by something beyond our reasonable control. These terms, together with the Disclaimer and the Privacy Policy, are the whole of the agreement between us about this site.

California residents: if a complaint to us is not resolved, you may contact the Complaint Assistance Unit of the Division of Consumer Services of the California Department of Consumer Affairs in writing at 1625 North Market Blvd., Suite N 112, Sacramento, California 95834, or by telephone at (800) 952-5210 or (916) 445-1254.

13. Contact

US-MTNs Inc
8 The Green, Suite B
Dover, DE 19901, United States
admin@us-mtns.com