Money-market
As well as bonds, which have maturities of up to 30 years, and medium term notes, with maturities of 1–5 years, short-term instruments are also traded in the international markets. Commercial paper, sometimes referred to as euro-commercial paper, is debt with a maturity of less than 270 days, issued by corporate borrowers. There is also a lively international market in other short-term paper, sometimes called short term euro notes. These are mainly trade able bank deposits, similar to certificates of deposit, and government securities maturing within one year. Demand for international money-market instruments, modest until recently, exploded in 1999 with the adoption of the single European currency, then fell as low long-term rates made issuance of long-dated bonds more attractive. Historically, the majority of international money-market instruments have been traded in US dollars, with yen, Swiss francs, pounds sterling, d-marks and Hong Kong dollars also being used ...