variable-rate note

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 ?
For the empirical analysis, the general form of the risk premium p(0)i for a variable-rate note issued by firm i at the time of the issuance (t = 0) is assumed to be of the form:
In addition to the fixed-rate series 2014A, the system has $31.7 million currently outstanding 2004 series (fixed rate and not rated by Fitch) and a $12 million 2014B taxable variable-rate note, due in 2021, also not rated by Fitch.
Securities and Exchange Commission, has affirmed the rating on the principal-at-risk variable-rate notes issued by Azzurro Re I DAC, an Irish designated-activity company limited by shares authorized by the Central Bank of Ireland as a special purpose vehicle under the European Union (Insurance and Reinsurance) Regulations 2015 of Ireland.
These may include the redemption of its senior variable-rate notes due 21 June 2012 or the redemption of the balance of the series D preferred shares held by the US Treasury.
The variable-rate notes, issued last Thursday, mature in 2013 and benefit from an unconditional and irrevocable guarantee by the Danish government that ensures timely payment of interest and principal.
Axis Bank last sold dollar bonds in June 2007 when it raised USD60m from variable-rate notes that are due in 2022.
New York: Fitch Ratings affirms the rating on the principal-at-risk variable-rate notes issued by Azzurro Re I DAC, an Irish designated-activity company limited by shares authorized by the Central Bank of Ireland as a special purpose vehicle under the European Union (Insurance and Reinsurance) Regulations 2015 of Ireland, as follows:
16 March 2012 - German lender Wuestenrot Bank sold on Thursday EUR50m (USD65.1m) in variable-rate notes due on 20 March 2016, Reuters reported.
The UK-based building society placed the variable-rate notes at par with a discount margin of three month-Libor plus 175 basis points.
15 March 2012 -- A unit of Australian bank Westpac (ASX:WBC) yesterday sold CHF275m (USD295m/EUR226.5m) variable-rate notes maturing on 1 April 2015, Reuters reported.
13 December 2011 -- Australia's top lender National Australia Bank (ASX:NAB), or NAB, said today it had priced its AUD800m (USD807m/EUR611.5m) variable-rate notes at 130 basis points over BBSW.
Specifically, the Turkish lender has empowered its board to issue a TRY550m bank bond due 29 May 2012 and variable-rate notes worth TRY150m maturing on 27 November 2013.

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