Qu'est-ce que « Commercial paper » ?

Commercial paper is unsecured short-term debt issued by companies, banks and special-purpose vehicles to investors, usually at a discount. In the United States it is exempt from registration if its maturity does not exceed 270 days and it finances current transactions; most of it is issued for much shorter terms and rolled over continuously. Asset-backed paper is issued by a vehicle that holds receivables and repays from them.