An unsecured promissory note with a fixed maturity of typically less than 270 days. Commercial paper is issued by major banks and corporations to obtain money to meet short-term debt obligations. It is usually sold at a discount from face value, and carries higher interest repayment rates than would a bond from the same issuer. A major benefit of commercial paper for corporations located in the US is that it does not need to be registered with the Securities and Exchange Commission as long as the maturity is less than 270 days.