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Finance

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  • February 1, 2022
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Mismatch FRN

A floater (floating-rate note) in which the coupon is payable after more than one coupon period. That is the interest rate is re-fixed on a more times than the interest is paid. In this sense, a mismatch FRN differs from a standard FRN in that the dates of coupon rate re-fixes and coupon payment dates are not the same. For example, a coupon payment may be made after three consecutive monthly re-fixes. However, the rate will still be based on the six-month (or three-month) interest rate linked to the payment frequency.


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