Which financial instrument is the corporate equivalent of a Treasury Bill?

Commercial Paper (CP) is the corporate equivalent of a Treasury Bill and is used for short-term funding by companies.

Key Features:

Issued by corporations with high credit ratings.

Unsecured, short-term debt instrument (maturity up to 270 days).

Used to finance working capital or short-term obligations.

Comparison to Treasury Bills:

Treasury Bills (T-Bills) → Issued by governments (risk-free).

Commercial Paper → Issued by corporations (higher risk).

???? Reference: Bank of England (Commercial Paper Market), CISI Wealth & Investment Management.