What is EURO COMMERCIAL PAPER (ECP)?

Short term, unsecured discount DEBT securities with maturities ranging from 1 to 360 days issued by companies in the EUROMARKETS. A SYNDICATE of DEALERS places ECP on a BEST EFFORTS basis; unlike US COMMERCIAL PAPER, ECP issues may be unrated and need not be backed by SWINGLINES. See also EUROBOND, EURO MEDIUM TERM NOTE, EURONOTE.

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