Flip-flop note(redirected from Flip-Flop FRN)
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.
A debt security backed by two different debts, one with a variable interest rate and one with a fixed interest rate. The holder of a flip-flop note may choose which interest rate to receive at any time, depending on which one is higher for a given period.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved