MTNs: What's "Fresh Cut", "Slightly Seasoned" and "Seasoned"

MTNs: What's "Fresh Cut", "Slightly Seasoned" and "Seasoned"

am 08.11.2007 02:29:44 von email9062240

I am in the fixed income market since a certain time, but I wonder
what people mean with MTNs named "fresh cut", "slightly seasoned" and
"seasoned". MTNs with this property are offered with high discounts as
of 33% (of 100% nominal value) or something around 60%. Why are they
sold so cheap? The issuer has a A or AA investment grade rating and
the bonds do not seem to have any traps like being callable or
convertible. The issued amount is mostly $500M and above.

(Here is an example, but I did not understand it completely:
)

Perhaps someone could give me some information to understand this
special type of thing.

Thank you all,
Vlad.