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Euro Commercial Paper is an unsecured general obligation in the form of a promissory bearer note, issued on a discount or interest-bearing basis by large commercial and industrial organizations. Maturities of ECP range from a few days up to one year, with most being 182 days; the minimum amount is usually $500,000.

ECP provides a flexible alternative to short-term finance credit lines with commercial banks, and the rate for prime issuers is usually set at a small margin above that offered by prime bank money market securities of comparable maturities.

Source Publication:
Coordinated Portfolio Investment Survey Guide, Second Edition, International Monetary Fund, 2002, Washington DC. Appendix VI: Definition and Description of Instruments.

Statistical Theme: Financial statistics

Created on Thursday, August 1, 2002

Last updated on Tuesday, March 4, 2003