Eurocommercial paper rates

The marked trend towards securitisation of lending over the last 3 or 4 years has included a rapid growth in the issue of short-term paper under euronote facilities. In the early stages the programmes under which much of this paper was issued were underwritten facilities-NIFs and RUFs; more recently, however, growth has been concentrated on non-underwritten programmes, the paper generally being referred to as eurocommercial paper rather than euronotes. The market in this paper has been heavily concentrated in London and the Bank is engaged with the Euronote Association, a recently formed association of over 40 of the major participants in the euronote and eurocommercial paper market, in establishing better information on this market. As part of this exercise the Bank is about to start publishing series of representative daily rates for this paper. These rates will cover 1, 2, 3 and 6-month maturities.

Eurocommercial paper rates