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The Conversion Law of the Relaunch Decree 77/2020 opens up the possibility for Italian banks to issue Commercial Paper (CFBs) as an ordinary short-term funding instrument.
Main characteristics of CFBs:
The ‘STEP Label’ was obtained, certifying compliance with the criteria and requirements in the STEP Market Convention documentation for CFBs with a duration of less than one year.
A CFB Programme has the following document architecture:
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