In more difficult market conditions, it is crucial to consider all the debt funding sources that may be available to your business. At the shorter end of the money markets, issuers with higher credit ratings may be able to issue euro commercial paper (ECP). A debt security of less than one year maturity, ECP is issued off commercial paper programmes. The documentation and issuance process is significantly less burdensome than a bond issue off an MTN programme and the disclosure obligations are significantly reduced. ECP can provide another source of short-term working capital for issuers.

Please see our article "A Quick Guide to Euro Commercial Paper" for a summary of the documents involved and how an ECP programme differs to longer-term bonds.