variable-rate note

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Variable-Rate Note

A bond with an interest rate that changes periodically. 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 variable-rate notes have maximum and minimum interest rates, known as capped notes and floored notes, respectively. A variable-rate note with both a maximum and a minimum interest rate is called a collared note. In the United States, government sponsored enterprises issue most variable-rate notes, while banks do the same in Europe. See also: Adjustable-rate mortgage.

variable-rate note

References in periodicals archive ?
Swiss Re Capital Markets underwrote the transaction through two classes of principal-at-risk variable rate notes issued by Ursa Re Ltd.
Swiss Re Capital Markets underwrote the transaction which covers Europe windstorm losses via two classes of Principal At-Risk Variable Rate Notes issued by Calypso Capital II Limited.
The coverage provided by Long Point Re III's $250 million principal-at-risk, variable rate notes collateralize a three-year, per-occurrence reinsurance agreement to Travelers against hurricanes affecting the northeast region of the United States.
2m) series 2008-1 class A principal at-risk variable rate notes, due 5 August 2011, of Cayman Islands-based Topiary Capital Ltd.
NOK300m, three-year variable rate notes at 250 basis points over Nibor; NOK300m, five-year variable notes at 375 basis points over Nibor; NOK325m, five-year fixed rate notes at a coupon price of 7.
Variable rate notes (VRNs) and floating rate notes (FRNs) were issued in an aggregate principal amount of $300 million.
The city's GO pledge secures nearly $53 million in variable rate notes issued through the Tennessee Municipal Bond Fund (TMBF) in addition to a $50 million variable rate bank note issued by Fifth Third Bank.
The company said it underwrote the transaction via three classes of principal at-risk variable rate notes issued by Laetere Re.
has issued principal at-risk variable rate notes with a 3-year risk period, due May 9, 2016.
9m) Series 2008-1, Class A Principal At-Risk Variable Rate Notes of Cayman Islands-based Newton Re Limited.
5bn in equal portions of fixed and variable rate notes at 245 basis points over swap and BBSW.
DGC has devised and created bonds and variable rate notes secured by interests in SLS policies which it is marketing to institutional investors.

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