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SURF

It stands for step-up recovery floating-rate note; a floating-rate note (floater or FRN) that typically pays 50% of a Constant-...

    Step-Up Recovery FRN

    A floating-rate note/ floater (FRN) that typically pays 50% of a Constant- Maturity Treasury (CMS) rate plus a specific spread...

      Step-Up Recovery Floater

      A floating-rate note/ floater (FRN) that typically pays 50% of a Constant- Maturity Treasury (CMS) rate plus a specific spread...

        Constant Maturity Swap

        An interest rate swap in which a swap rate is exchanged for either a fixed rate or a floating rate...

          Step-Up Recovery Floating Rate Note

          A floating-rate note (FRN) that typically pays 50% of a Constant- Maturity Treasury (CMS) rate plus a specific spread and under which a floor...

            Gamma Trap

            A market phenomenon that comes into play when dealers in CMS spread range accrual structures (CRANS) go from exposure being relatively flat...

              CMS Cap

              A non-standard interest rate cap in which the rate used is a swap rate with a constant maturity. For example, a CMS cap could...