The Bond Market Association has launched the first-ever Model Global Commercial Paper Agreement in conjunction with the International Primary Market Association (IPMA). The Agreement has been designed to document commercial paper (CP) arrangements between issuers and dealers, so that issuance may take place in both the United States and European markets. A single Agreement for both markets will provide consistency in documenting CP programmes, as well as streamlining the documentation process by reducing and focusing the negotiation of terms. The Agreement is based on the Association’s Model Commercial Paper Dealer Agreement, which has been widely used in CP programmes dedicated to the US market, and the forms of dealer agreements that are widely used in the Euro CP market in Europe. As with other Association model agreements, the Agreement is a recommended form and the firms that use the agreement may vary its terms from transaction to transaction. To assist users of the Agreement, the Association has prepared guidance notes, and is conducting workshops to inform and educate market participants.
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