NO.PZ2016031002000013
问题如下：
If an investor buys a newly issued eurocommercial paper with €50,000 par value and holds it to maturity, how much is this investor most likely to pay?
选项：
A.The investor pays less than €50,000 and receives more than €50,000 at maturity.
B.The investor pays €50,000 and receives more than €50,000 at maturity.
C.The investor pays less than €50,000 and receives €50,000 at maturity.
解释：
B is correct.
Eurocommercial paper pays add-on yield. If an investor buys a newly issued eurocommercial paper with €50,000 par value and holds it to maturity, the investor will pay the issuer €50,000 and receive €50,000 plus interest at maturity. However, U.S. Commercial paper is typically issued as a pure discount security, making a single payment equal to the face value at maturity.
考点：eurocommercial paper
解析：eurocommercial paper的计价方式可以是interest-bearing，也可以是discount basis。但更常用的模式是interest-bearing，同时题干中也有most likely字样，因此采用interest-bearing模式：投资者购买刚发行的50,000ECP，需要支付50,000，到期将拿到大于50,000的金额，故选项B正确。
想问一下，如果是美国商票的话，C选项是正确的吗？
