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  • December 25, 2022
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Collared Floating-Rate Note

A floating-rate note (FRN) which has a minimum and a maximum interest rate, i.e., an embedded collar. This collar has the effect of limiting the reference rate to minimum and maximum values so that the holder can confine fluctuations in the reference rate to a specific range (a lower and an upper boundary).

A collared floating-rate note is also known as a mini-max floating-rate note or a collared floater.


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