Bond programme
A framework document registered once, under which the issuer places individual series without repeating the full procedure.
How to read the number
It shortens the road to market: borrowing can happen when the terms suit the issuer rather than when registration finishes.
When the metric lies
A registered programme size does not mean the size will be used. An announcement of a programme is regularly read as an announcement of a placement.
Also known as: shelf programme, issuance programme