variable-rate demand obligation

variable-rate demand obligation

A floating-rate debt obligation that has a nominal long-term maturity as well as an option allowing the investor to put (sell) the obligation back to the trustee, generally at par plus accrued interest.
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7m series 2005C1-C2 variable-rate demand obligations, and Fitch affirmed the 'A' rating for the city's approximately USD3.

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