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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