These are securities that represent debt with a shorter term than a bond and that are not listed.
There are several distinct types which differ according to the issuer :
- Negotiable treasury bills (issued by the State)
- NCD or Negotiable Certificates of Deposit (issued by banks)
- Commercial paper (issued by companies)
- Specialised financial institution bonds, etc.
The net asset value of a SICAV or of an FCP is the net valuation of the portfolio of securities plus earnings, minus management fees and other potential direct charges.
The value of a security when it is issued.