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Shortterm, unsecured low cost DEBT securities issued by extremely rated monetary companies (as FINANCIAL PAPER) and industrial companies (as INDUSTRIAL PAPER). Although most CP is unsecured, there may be also a marketplace for assetbacked CP and LETTER OF CREDITbacked CP. In the US market CP maturities range from in a single day to 270 days, whereas in the EUROMARKETS most maturity could lengthen to 360 days; the most typical maturities in each papercp markets are within the 14 to 30 day sector. Most CP is issued by way of DEALERS in the type of BEARER SECURITIES, though problems with REGISTERED SECURITIES are possible. Within the US market it is common for CP packages to be partially backed by SWINGLINES so that issuers can access funds in the occasion they’re unable to roll over their maturing notes. See also EURO COMMERCIAL PAPER.
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