Which type of financial instrument is typically issued with a maturity or redemption date of five years or longer?

Preferred shares are a type of equity security that typically carry a fixed dividend and have priority over common shares in terms of dividend payments and asset liquidation. They are often issued by corporations for long-term financing and can have maturity or redemption dates that extend five years or longer. This characteristic allows investors to benefit from a stable income stream while also holding a claim on company assets, which makes preferred shares suitable for long-term investment strategies.

Commercial paper and bankers' acceptances are short-term debt instruments that typically mature in a few days to a few months, making them unsuitable for this question. Zero-coupon bonds, while commonly issued with long maturities, do not pay periodic interest and are instead sold at a discount from their face value, which could lead to confusion about their purpose relative to preferred shares. Therefore, preferred shares are the financial instrument that aligns with the characteristic of being typically issued with a longer maturity or redemption date.