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Created page with "You will know by now old Grandpa Contrarian’s story of the farmer and the sheep. It is illustrated richly in every cove, inlet and waterway of the financial markets, but is no better exemplified than in the genetic structure of a medium term note programme. These, for the fortunately uninitiated, are architectural structures by which corporations raise funds in the international debt capital markets. Their history is long and mildly diverting at best — t..."