Euro CPs
Commercial paper is a corporate short-term, unsecured promissory note    issued on a discount to yield basis. Commercial paper maturities generally do not exceed 270 days. Commercial paper represents a cheap and flexible source of funds While CPs are negotiable, secondary markets tend to be not very active since most investors hold the paper to maturity.
The emergence of the Euro Commercial Paper (ECP) is much more recent. It evolved as a natural culmination of the Note Issuance Facility and developed rapidly in an environment of securitisation and disintermediation of traditional banking. CP has also developed in the domestic segments of some European countries offering attractive funding opportunities to resident entities.
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