Flip Flop FRN |
A Floating Rate Note that has a very long final maturity or even a perpetual issue with an option to convert after a fixed period into a Short Dated FRN. |
REMARKS | Short Dated FRNs typically pay lower margin over LIBOR that the original issue. | The investor also has an option at a later date to convert back into the initial issue before redemption of the short dated FRN. |
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