RANGE FLOATING RATE NOTE (FRN)
\ɹˈe͡ɪnd͡ʒ flˈə͡ʊtɪŋ ɹˈe͡ɪt nˈə͡ʊt ˌɛfˌɑːɹˈɛn], \ɹˈeɪndʒ flˈəʊtɪŋ ɹˈeɪt nˈəʊt ˌɛfˌɑːɹˈɛn], \ɹ_ˈeɪ_n_dʒ f_l_ˈəʊ_t_ɪ_ŋ ɹ_ˈeɪ_t n_ˈəʊ_t__ ˌɛ_f_ˌɑː_ɹ_ˈɛ_n]\
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A note giving an investor a better coupon interest rate. If the interest rate falls outside the agreed upon range the investor loses the interest that day. AKA accrual note, day count note, and range floater. Refer to capped, inverse, perpetual and range
By Henry Campbell Black
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