A SCP is defined as a bond with a term of 270 days (9 months) or shorter that is issued in the inter-bank bond market by a non-financial corporation that has enterprise capacity and a high credit rating, usually AAA.

The term of an SCP ranges from seven days to nine months. This means the bond’s issue size is free from the restriction of 40 percent net asset value. This helps enrich the market structures of interest rates and risks and liquidity, and generates a market yield curve that covers short-, mid- and long-term financial products.

More flexible than short-term bonds, and more competitive and market-oriented than bank liquidity loans, Super & short-term commercial paper is designed for enterprises to overcome a shortage of short-term working funds and improve liquidity management. They are better suited for large enterprise groups that implement financial management. 

Currently, the qualified issuers of super & short-term commercial paper include AAA central enterprises and their core subsidiaries with assets and revenues accounting for over half of their respective groups’ total size.