Series 7: 3.2.4.2. Tax-Exempt Commercial Paper

Taken from our Series 7 Online Guide

3.2.4.2. Tax-Exempt Commercial Paper

Tax-exempt commercial paper is a short-term promissory note issued by states and municipalities, usually backed by a line of credit with a bank. Maturities range between 1 and 270 days, and notes are issued at a discount to par. Issuers typically pay the principal on maturing commercial paper by issuing new commercial paper. Such rollovers effectively permit long-ter

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