CMBs are frequently designed for institutional buyers due to the better minimum amount expenditure necessity.
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These expenses are extremely shorter-time period debt instruments. They may have maturity dates that vary from 7 to 50 times, although it isn't unusual for maturities to go up to three or four months.
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A CMB is fungible when its maturity date coincides with the maturity of the current T-bill issuance.
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