Four firms had roles on the establishment of a $5 billion multicurrency commercial paper and certificate of deposit program by Chinese state-run Industrial and Commercial Bank of China Ltd.
Commercial paper and certificate of deposits are securities that offer lower interest rates but less risk for investors, as they tend to carry short-term maturity dates of less than a year. Banks use that investor interest to raise money for shorter periods of time, largely for general corporate purposes. ICBC’s program will be handled out of its Singapore branch.
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