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Commercial papers commercial papers bills commercial bills KWIT WOI

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Commercial papers commercial papers bills commercial bills KWIT WOI

commercial bills, commercial bills, Commercial Investment and Term Bills, Trade and Investment Bills

Commercial papers are among the most popular money market instruments (debt financing) along with treasury bills and bills. The idea of ​​issuing "commercial papers" was born in the 19th century. The term "commercial paper" (commercial papers) is very often the colloquial name for short-term interest-bearing promissory notes issued by large companies with a high level of financial credibility. In practice, they are short-term (with maturity from 7 days to 12 months), issued at a discount, bearer securities.

Enterprises issuing commercial papers use CP primarily for the purpose of periodically financing current needs, supporting them or even replacing bank loans. One of the most important features of this type of instruments is the fact that they are unsecured (usually unsecured), therefore they are not affected by many restrictions existing with other forms of financing. On the other hand, as the claim related to commercial papers is unsecured, the guarantee of these instruments is the good name of their issuer. For this reason, the main issuers on our market are known companies (mainly listed companies) and Polish branches of foreign concerns. This does not mean, of course, that the issuer of commercial papers cannot be a company less known on the market, however, in this case it is associated with a slightly higher cost of debt service. Less known companies must also undergo some kind of examination by the bank placing the issue on the market, which in a sense also guarantees (with its good name) the credibility of the issuer, and sometimes guarantees the purchase of its client's commercial papers.

A commercial voucher was the first to appear on the Polish market. It was developed and introduced to trading by PBR SA Several banks (eg BGK, RCB) took the name "commercial voucher" from PBR and the principles of its construction and functioning. On the other hand, others created short-term debt securities operating on different principles or with only other names - e.g. BH trading voucher. Historically, there are four basic varieties of commercial papers in Poland:

 

Commercial papers commercial papers bills commercial bills KWIT WOI

 

1. issued under the Civil Code:

- commercial vouchers;

- shopping vouchers;

2. issued under a bill of exchange law:

- KWIT-y (Commercial Investment and Term Bills);

- WOI-e (Trade and Investment Bills of Exchange).

 

Commercial papers exist for each variety (but not for each specific issue):

* primary market - the market on which the investor purchases commercial papers - through the issue agent - directly from the issuer;

* secondary market - the market on which the investor purchases commercial papers - through the issue agent or through another intermediary - from another investor (the issue agent is very often the investor).

These markets are organized by issuing banks. The commercial voucher market is the largest and is quoted between banks.

 

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