F2 P2 A2 Adequate F3 P3 A3 Speculative F4 NP B, C Defaulted F5 NP D     1Dusan Stojanovic and Mark D. Vaughan, "Whos Minding the Shop?" The Re- gional Economist, The Federal Reserve Bank of St. Louis, April 1998, pp. 1-8.   Description Issuer screen for GE Capital commercial paper. Note at the bottom of the screen are the rates at which GE Capital is willing to issue commercial paper at various maturities. From Bloombergs Yield Analysis (YA) screen in Exhibit 5.6, we see this commercial paper was issued on October 25, 2001 and matured on December 9, 2001. Moreover, on the left-hand side of the screen, we find that the discount yield is 2.27%. The day count convention in the United States and most European commercial paper markets is Actual/360 with the notable exception being the UK which uses Actual/365. Given the yield on a bank discount basis, the price is found the same way as the price of a Treasury bill in Chapter 3 by first solving for the dollar discount (D) as follows:   D = Yd´ F ´ (t/360)   where   Yd = discount yield F = face value t = number of days until maturity       Source: Bloomberg Financial Markets   The price is then   price = F - D   With a settlement day of October 25, 2001, the GE Capital commer- cial paper has 45 days to maturity. Assuming a face value of $100 and a yield on a bank discount basis of 2.27%, D is equal to   D = 0.0227 ´ $100 ´ 45/360 = $0.28375