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A short-term credit investment created by a non-financial
firm and guaranteed by a bank. Acceptances are traded
at a discount from face value on the secondary market.
Banker's acceptances are very similar to T-bills and
are often used in money market funds.
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 A
bankers acceptance is an obligation of the accepting bank.
Depending on the bank's reputation, a payee may be able to
sell the bankers acceptance—that is, sell the time draft
accepted by the bank. It will sell for the discounted value
of the future payment. In this manner, the bankers acceptance
becomes a discount instrument traded in the money market.
Paying discounted value for a time draft is called discounting
the draft.
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