Flip-flop note

(redirected from Flip-Flop FRNs)

Note that allows investors to switch between two different types of debt.

Flip-Flop Note

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.

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