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FRN |
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FRN See: Floating-rate note Floating-Rate Note A bond with a variable interest rate. These bonds typically have coupons renewable every three months and pay according to a set calculation. For example, a note may have an interest rate of "EURIBOR + 1%" and pay whatever the EURIBOR rate happens to be at the time plus 1%. Some FRNs have maximum and minimum interest rates, known as capped FRNs and floored FRNs, respectively. An FRN with both a maximum and a minimum interest rate is called a collared FRN. In the United States, government sponsored enterprises issue most FRNs while banks do the same in Europe. See also: Adjustable-rate mortgage. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Fitch also affirms its 'AAA/F1+' on the A&M System PUF FRN program, which has a maximum capacity of $125 million. A capped FRN is a floating rate note combined with an interest rate cap, while a collared FRN is one that combines both an interest rate cap and floor. A capped FRN is a floating rate note combined with an interest rate cap, while a collared FRN is one that combines both an interest rate cap and floor. |
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