Commercial paper and euro-commercial paper
Commercial paper and euro-commercial paper

The following Banking & Finance practice note provides comprehensive and up to date legal information covering:

  • Commercial paper and euro-commercial paper
  • What is commercial paper?
  • Who issues CP?
  • CP markets
  • Why issue CP?
  • Lower cost of borrowing
  • Flexibility
  • Backstop facilities
  • CP and ECP programmes
  • Parties involved in a CP programme
  • More...

Coronavirus (COVID-19): ICMA has made generally available to non-ICMA members the ECP materials from its Primary Market Handbook, which were previously available only to ICMA members. ICMA says it has decided to do this ‘in the interests of supporting the overall market’, after the Bank of England announced its new COVID Corporate Financing Facility. This is a scheme where the Bank of England helps to bridge cash flow disruption through the purchase of short term debt (in the form of commercial paper) from larger companies. For more information on key developments and related practical guidance on the implications for lawyers, see: Coronavirus (COVID-19) toolkit.

BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be treated by the EU as a Member State for many purposes. As a third country, the UK can no longer participate in the EU’s political institutions, agencies, offices, bodies and governance structures (except to the limited extent agreed), but the UK must continue to adhere to its obligations under EU law (including EU treaties, legislation, principles and international agreements) and submit to the continuing jurisdiction of the Court of Justice of the European Union in accordance with the transitional arrangements in Part 4 of the Withdrawal Agreement. For further reading, see: Brexit—introduction to the

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