24

All of the following statements are correct regarding the Euromarkets EXCEPT:

Select one:

a. Eurocommercial paper (ECP) are discount securities.

b. According to the textbook, when a borrower raises funds in the Euromarkets, it is exposed to foreign exchange risk.

c. A euronote facility may provide a borrower with a flexible medium-term funding arrangement.

d. For long-term funding, large companies with good credit ratings can raise funds in the euronote markets.

e. The eurocurrency markets are equivalent to a local intermediated market.