Commercial Paper Yields
Like Treasury Bills, yields on commercial paper are quoted on a discount basis—the discount return to commercial paper holders is the annualized percentage difference between the price paid for the paper and the par value using a 360-day year. Specifically: icp(dy) = x (360/h)
and when converted to a bond equivalent yield:
icp(bey) = x (365/h)
Read more about this topic: Commercial Paper
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“Once, when lying in bed with no paper at hand, he began to sketch the idea for a new machine on the back of his wife’s nightgown. He asked her if she knew the figure he was drawing. “Yes,” she answered, “the figure of a fool.””
—For the State of New Jersey, U.S. public relief program (1935-1943)
“All the world over, the picturesque yields to the pocketesque.”
—Herman Melville (1819–1891)