Commercial paper and sale of loans 

This is a legally issued, private document by which a person (the issuer or subscriber) is obliged to pay another person (the receiver or beneficiary) a certain amount of money on the date established in the document.

Sale of loans

These are loans under contract by which the lender can assign stakes in these a posteriori.

The sale can be carried out through commercial paper or transfer agreements, and the clauses are determined by both parties.

Types

• Numbered or ordinary commercial paper

  In order to issue this type of commercial paper, the National Securities Exchange requires that all programmes normally used in order to gain public savings must be registered. The commercial paper is distributed through periodic auctions and offers, and both institutional and minor investors can apply for them. Numbered commercial paper can be auctioned or directly traded on the primary market.

• Customized commercial paper

  The issue of customized commercial paper is not registered with the National Securities Exchange. This has been the main element of market growth and they are one-off operations with a high nominal value. Customized commercial paper is directly traded on the primary market.

  • Regulatory bodies

    There are many bodies regulating the activity of the commercial paper market:

    • The National Securities Exchange CNMV: This is the official supervisory body for the primary securities exchanges, and its main aim is to safeguard the interests of the small savers.
    • The Spanish Association of Financial Assets Brokers: This body establishes the regulatory rules and basic codes of brokerage conduct in domestic fixed-interest markets with the aim of establishing a secondary market.
    • Espaclear: A private company belonging to the main Spanish banks that takes care of clearing and settling commercial paper operations based on officially registered issues.
    • Bank of Spain: This is not a regulatory body as such; however it does oblige financial brokers involved in the sale of commercial paper to provide monthly information on the volume traded.

More information

• Spanish Confederation of Savings Banks

  c/ Alcalá, 27
  28014 Madrid
  Tel: 0034 91 596 50 00