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floating-rate note

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agent bank

Overview page. Subjects: Economics.

1 For floating rate securities an agent bank's main responsibility is to fix the appropriate interest rate when the coupon is reset (cf. reference rate). For short-term...

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asset swap

Overview page. Subjects: Economics.

A swap designed to alter the cash flows of the holder of a particular asset. For example, if the asset provides a variable cash flow it can be swapped with one providing a fixed cash flow.

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asset-liability management

Overview page. Subjects: Economics.

The management of assets and liabilities in order to influence the credit risk, interest-rate risk, and liquidity risk of a bank. See asset and liability management committee; gap analysis.

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bank basis

Overview page. Subjects: Economics.

The way in which accrued interest on certificates of deposit, eurocommercial paper, floating rate certificates of deposit, and floating rate notes is calculated. The rate of interest is...

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bear floating rate note

Overview page. Subjects: Economics.

(bear FRN;

A type of floating rate note where the coupon increases disproportionately in relation to increases in interest rates (cf. leaverage). It is the opposite structure to a...

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bearer eurodollar collateralized securities

Overview page. Subjects: Economics.

(BECS) (Bonds).

A repackaged or synthetic security denominated in US dollars created by holding a floating rate note issued by the UK and attaching an interest rate swap, thus...

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call notice

Overview page. Subjects: Economics.

The period of notice required by an issuer when exercising a call provision before the call can be effective. In the euromarkets, the call notice period for floating rate notes is generally...

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capped floating rate note

Overview page. Subjects: Economics.

A floating rate note (see eurobond) with an upper limit on the coupon rate.

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certificate of deposit

Overview page. Subjects: Economics.

(CD)

A negotiable certificate issued by a bank in return for a term deposit of up to five years. CDs originated in the USA in the 1960s. From 1968, a sterling CD was issued by UK...

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Certificati di Credito del Tesoro

Overview page. Subjects: Economics.

(CCT).

Floating rate notes issued by the Italian government. Their reference rate is that for treasury bills, known as Buoni Ordinari del Tesoro. CCTs were first issued in 1979 and...

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Certificati di Credito del Tesoro a Cedola Variabile

Overview page. Subjects: Economics.

(CCT) (Bonds; Italy).

Floating rate notes where the coupon is linked to the rate on Buoni Ordinari Del Tesoro.

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Certificati di Credito del Tesoro Convertibili

Overview page. Subjects: Economics.

(Bonds; Italy).

A floating rate note which is convertible at the holder's option into a fixed rate on predetermined terms one year after issue.

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collar

Overview page. Subjects: Financial Institutions and Services.

An arrangement in which both the maximum (cap) and minimum (floor) rate of interest payable on a loan are fixed in advance.

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collared floating rate note

Overview page. Subjects: Economics.

(collared FRN) (Bonds).

A floating rate note where there is both a maximum and a minimum permissible coupon rate. See minmax floating rate note.

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convertible floating rate note

Overview page. Subjects: Economics.

(convertible FRN) (Bonds).

A floating rate note (FRN) that can be exchanged into either (i) a fixed-rate bond; (ii) another FRN with a different maturity, or different currency...

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coupon period

Overview page. Subjects: Economics.

The frequency with which coupon interest is paid; normally annually or semi-annually for fixed interest securities; for floating rate notes it may be any frequency.

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currency protected note

Overview page. Subjects: Economics.

A type of dual currency bond where the principal is denominated in one currency and the interest is paid at the rate of a foreign currency. For example, a Deutschmark-denominated ...

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deleveraged floating rate note

Overview page. Subjects: Economics.

(deleveraged FRN).

Floating rate note where the reference rate for the coupon is a benchmark or index of long-term bonds plus a margin. Such a note will provide investors with ...

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discounted margin

Overview page. Subjects: Economics.

A measure of the excess return of a floating-rate note relative to a benchmark rate.

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dollar bond index-linked securities

Overview page. Subjects: Economics.

(dollar BILS).

A type of floating rate note that is also a zero-coupon bond in that the amount of interest is determined in arrears based on a pre-set index. The ...

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