Which of the following statements are true or false about Commercial Paper (CP)?

They are ST debt instruments issued by the U.S. Treasury They are ST debt instruments issued by corporations Most CP issues are issued by banks Most CP is unsecured CP is often used to nance investment in long term assets Most CP face value typically has a $100,000 minimum Maturities range from 1 day to 270 days Maturity may be 1 day to 270 days Maturity usually is 20 days to 45 days An active secondary market exists All CP is registered with the Securities & Exchange Commission CP is rarely rated by bond rating agencies Firms place commercial paper directly with investors or rely on commercial paper dealers to sell their commercial paper. Commercial paper issuers with the highest credit ratings usually obtain a backup letter of credit from a bank