FLOATING-RATE NOTE - FRN
A debt instrument with a variable interest rate. Also known as a "floater" or "FRN," a floating rate note’s interest rate is tied to a benchmark such as the U.S. Treasury bill rate, LIBOR, the fed funds or the prime rate. Floaters are mainly issued by financial institutions and governments, and they typically have a two- to five-year term to maturity.
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A Federal Reserve regulation which regulates corporate bank holding company practices as well as particular practices of state-member banks. Practi ...
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