DEFINITION
Discount Instruments

"Discount instruments": Securities that are issued and traded at a discount to their face value. Depending on the market, their prices may be quoted conventionally in the market either on a discount basis or on a yield basis. Discount instruments quoted on a discount basis include bills of exchange and US domestic commercial paper (USCP). Discount instruments quoted on a yield basis include sterling commercial paper (SCP) when issued at a discount. (However, SCP may also be issued on an interest bearing basis.)
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