Forfaiting (Forfeiting) paper refers to the bills of exchange and promissory notes which have been issued to support forfeiting deals and have become the property of the forfeiter. These paper are relatively liquid assets and can be an attractive investment offering a higher yield than other medium-term instruments. The yield must be seen in relation to the political risk and the fact that the resale of forfeited claims is always made without recourse. Due to the fact that these instruments are usually only available in relatively large tranches, it is the large investors who are most active in the market. Forfeiting is carried out at fixed rates and consequently upward movements in interest rates create a demand for the paper. In contrast, when interest rates are low forfeiting declines, as the opportunity to substitute medium-term risks for cash is less attractive.