Which of the following is a key feature of a eurocommercial paper (ECP) issue?

a.

An ECP issue is a fixed-interest security with annual coupon payments.

b.

An ECP issue is a medium-term facility with maturities generally longer than ten years.

c.

The ECP facility is not underwritten by a syndicate of banks.

d.

Generally, an issuer employs a lead manager, and often co-lead managers.