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Euro-Commercial paper (ECP)

Euro-Commercial paper (ECP), like commercial paper issued in domestic markets around the world, is a short-term debt obligation of a corporation or bank. Maturities are typically one, three, and six month. The paper is sold normally at a discount or occasionally with a stated coupon. Although the market is capable of supporting issues in any major currency, over 90% issues outstanding are denominated in U.S. dollars.

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