can any one explain what is EMTN and how to price EMTN

EMTN = Euro Medium Term Notes, and is an issuing program under standardized offering docs issuers set up. It's nothing more then a bond, and is priced like one (ie discounting the cash flows)

To add just a bit to donyoshi's clear response, issuers like MTM programs because the underwriting fees are typically lower than a traditional bond issue and they can sell the notes in dribs and drabs over time as they need the funding, rather than raising one big discrete chunk of cash at one time.

Or is sanjay asking about Extendible MTNs which are pretty new, and work exactly like MTNs except they usually begin as about 2 years, with the option to extend to about 5 years (with the coupon increasing slightly in the later years). Only a few of these have been done so far.It appears that these are extendible on the option of the buyer, not the issuer, unlike extendible CP. As yet we haven't got to an extend date, so no-one has had chance to extend yet. Most probably they will go the way of extendible CP, which no-one has yet extended (although I would very much like someone to and see how the market reacts).As far as pricing just price the optionality as you would in a step-up callable or puttable bond.