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III. NOTE ISSUANCE FACILITIES AND EURONOTES

III. NOTE ISSUANCE FACILITIES AND EURONOTES

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NOTE ISSUANCE FACILITIES AND

EURONOTES

B. NIFs vs. Eurobonds

1. Differences:

a. Notes draw down credit as

needed

b. Notes let owners determine

timing

c. Notes must be held to maturity

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IV. EURO-COMMERCIAL PAPER

I. SHORT-TERM FINANCING

A. Euronotes and Euro-Commercial

Paper

1. Euronotes

unsecured short-term debt securities

denominated in US$

and issued by

corporations and governments.

2. Euro-commercial paper(CP)

euronotes not bank

underwritten



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EURO-COMMERCIAL PAPER

B. U.S. vs. Euro-CPs

1. Average maturity longer (2x)

for Euro-CPs

2. Secondary market for Euro;

not U.S. CPs.

3. Smaller fraction of Euro use

credit rating services to rate.

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III. NOTE ISSUANCE FACILITIES AND EURONOTES

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