From Longman Business Dictionarycommercial papercomˈmercial ˌpaper [uncountable]FINANCE a type of borrowing by companies and institutions in the form of loans where lenders do not have the right to take the assets of the borrower if they fail to repay. These loans are given for a period of a year or lessThe company recently refinanced from intermediate bonds to short-term commercial paper.The rate on 90-day prime commercial paper (=one with the lowest risk of not being repaid) was 7.57%. → paper
