The market for negotiable securities
Like the interbank market, the debt securities market is a component of the money market .
The negotiable debt securities market provides easy access for operators to the financial markets. It is open to all economic operators
TCNs are securities issued at the option of issuers, negotiable, representing a debt right for a fixed term. TCNs are dematerialized and transferable. They are not rated. The main TCNs are:
- commercial paper (BT)
- negotiable certificate of deposit (CDN)
- current account treasury bill (BTCC)
- financial company bond (BSF)
- negotiable medium-term bond (BMTN)
These are the notes cash flow which mainly concerns large companies. It is a means of financing and placement for large companies.
On the market for negotiable securities, the Public Treasury issues treasury bills, at fixed rates, negotiable and their subscription is also open to all economic agents, unlike the interbank market .
Negotiable debt securities are therefore financial products that are well suited to the needs of issuers and investors. They are issued continuously unlike bonds.