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GRANTOR UNDERWRITING NOTES (GUNS)

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Definition:
A floating-rate note facility is similar to a revolving underwriting facility (RUF) in that a group of banks (grantors) undertake to purchase any notes put back to them by investors on any floating-rate note (FRN) interest rate fixing date. Put notes are then auctioned out to the market by the grantors.

Source Publication:
Coordinated Portfolio Investment Survey Guide, Second Edition, International Monetary Fund, 2002, Washington DC. Appendix VI: Definition and Description of Instruments.

Hyperlink:
http://www.imf.org/external/pubs/ft/cpis/2002/pdf/cpis_index.pdf

Statistical Theme: Financial statistics

Created on Thursday, August 01, 2002

Last updated on Wednesday, March 05, 2003