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FRN where the margin over the reference rate is fixed by the issuer and the remarketing agent several days before the following interest period. The holders, during a predetermined period of time, have the right to either bid for the new applicable margin over the reference rate or (under certain conditions) put the notes to the arranger (but not the issuer) on the following interest payment date.

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


Statistical Theme: Financial statistics

Created on Thursday, August 1, 2002