强化班讲义里面说都可以呀

问题如下：

Eurocommerical paper is most likely:

选项：

A.

negotiable.

B.

denominated in euro.

C.

issued on a discount basis.

解释：

A is correct.

Commercial paper, whether US commercial paper or Eurocommercial paper, is negotiable$—$that is, investors can buy and sell commercial paper on secondary markets. B is incorrect because Eurocommercial paper can be denominated in any currency. C is incorrect because Eurocommercial paper is more frequently issued on an interest-bearing (or yield) basis than on a discount basis.

考点：Eurocommerical paper

解析：欧洲商业票据能够在二级市场议价，故选项A正确。

欧洲商业票据可以以任何货币计价，故选项B不正确。

DR是折价率（折扣），AOR是收益率。这两个是不同的计价方式，discount rate是在债券面值基础上打的一个折扣，而add on yield是将FV折现得到PV。ECP发行时更常用interest-bearing basis，而不是discount rate，故选项C不正确。