Definition of euro commercial paper

short-term unsecured promissory note issued in London and other European financial centers for same-day settlement in U.S. dollars in New York. Paper is issued in either discount or interest-bearing form and distributed through dealers on a best-effort basis, in contrast to euronote facilities, which are issued through a tender panel. Eurocommercial paper gives issuers quicker access to funds than Euronotes, sometimes even same day funds.