STERLING COMMERCIAL PAPER IS HERE
Bureaucratic considerations aside, sterling commercial paper has arrived; and, as with Beaujolais nouveau, there will be a scramble to get a first taste of the product.
Within two years it is expected that 10% to 15% of commercial borrowing in the UK will be transacted through the new market. UK merchant banks will have to be there, but they will meet stiff competition from the US houses that have dominated the Euronote market in recent years.
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