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What does Euro commercial paper mean?

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Euro commercial paper
(ECP)
Noun

A short-term, unsecured, unsubordinated bearer promissory note issued in Eurocurrency in interest-bearing form and quoted on an add-on basis, commonly with maturities of 30, 60, 90 and 180 days, up to one year, paralleling maturities of interbank deposits, and quoted on an add-on basis.

Synonym(s): 
  • Euro CP; Euro-CP; Euro-commercial paper.
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