What is Euro Commercial Paper?

Legal Definition
Short term, unsecured discount DEBT securities with maturities ranging from 1 to 360 days issued by companies in the EUROMARKETS. A SYNDICATE of DEALERS places ECP on a BEST EFFORTS basis; unlike US COMMERCIAL PAPER, ECP issues may be unrated and need not be backed by SWINGLINES. See also EUROBOND, EURO MEDIUM TERM NOTE, EURONOTE.