commercial bill

1) a bill of exchange arising on the basis of a commercial transaction, issued by a borrower to a creditor secured by goods; 2) a promissory note or bill of exchange of a corporation, government agency, or bank holding company, usually without special collateral, but backed by undrawn bank lines of credit and used for short-term lending; such bills have a validity of up to 270 days; are sold at a discount to face value directly to the investor or dealers, the latter in turn sell them to investors.