The commercial paper rate is the rate that corporations pay to borrow money in the short-term commercial paper markets. Commercial paper is an unsecured promissory note with a maturity of 1 - 270 days. The commercial paper market provides a means for corporations to borrow money to cover short-term debt obligations (such as payroll). Commercial paper rates are the rates at which corporations pay in order to borrow this money in the commercial paper market. Our Commercial Paper Interest Rates page provides charts for commercial paper rates and historical rate data for the commercial paper market.