This course will focus on commercial paper and bankers acceptances as eligible short-term investment alternatives. Emphasis will be placed upon statutory and policy considerations, credit risk, price and yield comparisons relative to other short-term investments, and various methods of purchasing commercial paper direct from the issuers and through the secondary market.  Commercial paper and banker's acceptances will be reviewed from historical and current market perspectives. This course has been approved by the Treasurer of State's Office to fulfill the one-time additional training requirement found in ORC 135.14 and 135.35.

The course content will provide participants with the statutory background, credit risk, accounting practices, and implementation strategies for the use of commercial paper and banker's acceptances within a portfolio.  The course will also provide participants with an understanding of credit research practices used to analyze these instruments.