Can someone shed some light on how commercial paper trade and price? It seems like commercial paper are just short term debt issuance no more than 270 days and not backed by any collateral? However, some investment grade companies have revolver to back these commercial paper, therefore isn't commercial paper secured and senior? How is pricing compared with senior debt such as revolver or term loan? What industry usually use commercial paper and why? Does the DCM term issue them or is it by a trading desk?
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