A money market instrument issued by banks that has a set interest rate and maturity date.
Maturities can range from a few weeks to several years.
The actual paper evidencing ownership of a security. Certificates may be issued in registered or bearer form. The bondholder does not receive a certificate of ownership. The benefit of certificateless municipals is that investors do not have to transfer certificates when they sell the bonds. A money market instrument issued by banks that has a set interest rate and maturity date.