A negotiable time deposit (CD) that is issued in the United States by a foreign borrower, usually in denominations of $1 million to $5 million. A Yankee CD (YCD) is payable to the bearer in the U.S. by the branch office of a foreign bank. It pays a fixed or variable rate of interest for a specified maturity, usually 12 months and less. It is sold directly by issuers or through dealers. Characteristically, it represents an unsecured obligation of the issuer.