These are medium term papers issued by corporate companies as evidence of an investment with tenor ranging from 2 to 5 years.
These are long dated papers issued by corporate companies as evidence of investment with tenors ranging from 5 to 20 years.
These include Promissory Notes, Treasury Notes and Zero Coupon Notes which are issued by Government as evidence of a direct investment into Government paper or as payment for goods and services rendered to Government.
The tenor is from 3 months to 3 years with negotiable rates. Once purchased, the ownership is changed to the new holder.
Government issued debt liquid asset tradable on secondary market.