Short-term debt usually issued at a discount and not bearing interest. For example, Treasury Bills, Commercial Paper, Bankers' Acceptances, etc.
Short-term money markets are the short end of the capital market, where high volume, low risk borrowing and depositing are undertaken. Money markets are wholesale cash markets through which banks, corporates and government bodies fund short-term deficits and invest short-term surpluses. Money market instruments are prime quality securities, such as: Treasury Bills - Central government debt Certificates of Deposit (CDs) - Securitised bank time deposits Bankers Acceptances (BAs) - Securitised commercial trade debt obligations Commercial Paper (CP) - Securitised debt issued by highly creditworthy corporates
Short-term debt instruments, such as certificates of deposit (CDs), Treasury bills, commercial paper, and other very liquid, low-risk investments.