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Commercial paper definition

What does Commercial paper mean? short-term, unsecured debt notes issued by companies and financial institutions to meet working capital or treasury needs. Usually sold at a discount (zero‑coupon) and redeemed at par. In UK and Irish practice, commercial paper (including Euro‑commercial paper) has original maturities from a few days up to 364 days (in any case under 12 months), not limited to 270 days. The expression is a market term rather than a single statutory definition, but CP is recognised in financial regulation as a money‑market instrument. Because maturities are under 12 months, issues typically fall outside the UK and Irish prospectus regimes; issuance is directed...

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Commercial Paper and Euro-Commercial Paper: UK regulatory considerations, programme structures, documentation, market practice, and ESG/digital developments

Practice notes
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What is commercial paper?

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Web page updated on 21/05/2026

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