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The first zero coupon products involving Treasury securities and having a maturity greater than one year were introduced in 1982 by Merrill Lynch and was known as Treasury Investment Growth Receipts or TIGRs

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PRESENTATION ON INVESTMENT ADVISORYSERVICESDEBT MARKETByULTIMATE INVESTMENTSNurturingWealthWho are the key players in the debtand money markets in India?The above diagram provides a consolidated picture of the various players in the bond/money markets and the securities.ZCB: Zero Coupon Bond I/L bonds : Inflation linked bonds FRN : Floating rate notesWhat are Money Markets andmoney market instruments?Money markets are markets for debt instruments with amaturity up to one year.Money markets allow banks to manage their liquidity as wellas provide the central bank means to conduct its monetarypolicy.The most active part of the money market is the call moneymarket (i.e. market for overnight and term money betweenbanks and institutions) and the market for repotransactions. The former is in the form of loans and thelatter are sale and buy back agreements both areobviously not traded. The main traded instruments arecommercial papers (CPs), certificates of deposit (CDs) andtreasury bills (T-Bills).Commercial PaperA Commercial Paper is a short term unsecuredpromissory note issued by the raiser of debt tothe investor. In India corporates, primarydealers (PD), satellite dealers (SD) and financialinstitutions (FIs) can issue these notes.It is generally companies with very good ratingwhich are active in the CP market, though RBIpermits a minimum credit rating of Crisil-P2. Thetenure of CPs can be anything between 15 daysto one year, though

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