NEW YORK -- Chase Manhattan Bank said it has been chosen as issuing agent for the commercial paper of Sears Roebuck Acceptance Corp.
The Delaware-based financing arm of Sears, Roebuck and Co. said it would issue commercial paper through book entries and would not rely on paper certificates. Chase will carry out transactions through electronic communications with Depository Trust Corp.
Sears Acceptance and another Sears unit, Discover Credit, account for more than $10 billion in commercial paper outstanding.
