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floater |
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Floater A bond whose interest rate varies with the interest rate of another debt instrument, e.g., a bond that has the interest rate of the Treasury bill +.25%.
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FLX Series floaters can be equipped with either a FLX810 Flex-Air applicator of a FLX610 liquid system. To date, Heller's Credit enhancement opportunities have generally taken three forms: 1) converting high fixed-rate tax free bonds to low floaters to significantly reduce debt service; 2) providing aggressive leverage for the acquisition of projects driven by the benefits of inexpensive low floater financing; and 3) re-enhancing existing projects based on based on today's economics, given the previous enhancer's willingness to accept a discount. Inverse floaters are unusual instruments because their interest coupons float in the opposite direction of interest rates in general. |
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