Stress Testing

In: Business and Management

Submitted By realfake
Words 939
Pages 4
Md. Mahafujur Rahman ID. NO. 0102123962

Commercial paper
In Bangladesh almost all the corporation collect fund from bank as long term or short term loan. But internationally this scenario is pretty much different. There corporation issue bond for long term financing and short term financing is mostly deepened on a instrument called commercial paper. Commercial paper market, popular around the world, is in a very early stage of development in Bangladesh. Eastern Bank Limited is the pioneer of CP in the country; it raised Tk. 500 million for ACI Limited in 2013. Since then, this market is growing very fast in our country with approximate growth of 593.10 per cent in 2015. ACI Limited is so far the largest issuer of commercial paper in the country with approximately 20 per cent market share. The amount of current outstanding CPs is close to Tk. 10,050 million.
What is commercial paper?
Commercial Paper (CP) is basically a short-term debt security issued by highly rated companies to raise funds for funding operating expenses as well as current assets such as account receivables and inventories. Maturities on CP rarely range any longer than 270 days though it can be up to 365 days. CP is being issued in the form of promissory note in Bangladesh. It is typically issued at discount like Treasury Bills, reflecting prevailing market interest rates. That means, investors purchase promissory notes at less than face value and receive the face value at maturity. The difference between the purchase price and face value, called the discount, is the interest received on such investment.
Bangladesh context
Commercial paper market is experiencing rapid growth in Bangladesh for the last couple of years owing to its low cost and easy access. CP is a highly…...

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