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What does issuing and paying agent mean?

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issuing and paying agent
(IPA)
Noun


The party in an ABCP program that deliverers the ABCP notes to investors in return for payment and redemption of the securities at maturity, often part of the same bank as the administrative agent.

Comment: 
Typically works with electronic clearinghouses, such as the DTC in the US and Euroclear or Clearstream in Europe.
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