8. Which of the following is NOT a characteristic of commercial paper (CP)?

Select one:

a. Commercial paper generally trades at a margin over bank bills reflecting their higher risk

b. The sole liability to repay the face value of CP rests with the issuer only

c. Commercial paper is issued by large companies with high standing in the markets

d. Generally commercial paper is issued through money market dealers

e. commercial paper market is a well-established part of the capital markets