CP_PROGRAM_ID |
val CP_PROGRAM_ID: CommercialPaper This is an ultra-trivial implementation of commercial paper, which is essentially a simpler version of a corporate
bond. It can be seen as a company-specific currency. A company issues CP with a particular face value, say $100,
but sells it for less, say $90. The paper can be redeemed for cash at a given date in the future. Thus this example
would have a 10% interest rate with a single repayment. Commercial paper is often rolled over (the maturity date
is adjusted as if the paper was redeemed and immediately repurchased, but without having to front the cash).
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