What is NOT true about Commercial Paper:

$1.$ It is usually issued by companies with a high credit standing.

$2.$ It is in the form of a promissory note redeemable at par to the holder on maturity and therefore does not require any guarantee.

$3.$ It is non$-$transferable.

$4.$ It is a short term promise to repay a fixed amount that is placed on the market either directly or through a specialized intermediary.