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What does Euro certificate of deposit mean?

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Euro certificate of deposit
(ECD)
Noun

A negotiable fixed- or floating-rate interest-bearing certificate of deposit issued by banks in bearer form at par with interest and principal paid in a Eurocurrency and an interest rate pegged to LIBOR, commonly in denominations of USD1 million and a maturity of less than six months, and quoted on an add-on basis.

Synonym(s): 
  • Euro CD; Euro-CD; Euro-certificate of deposit.
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