ADJUSTABLE RATE PREFERRED STOCK
\ɐd͡ʒˈʌstəbə͡l ɹˈe͡ɪt pɹɪfˈɜːd stˈɒk], \ɐdʒˈʌstəbəl ɹˈeɪt pɹɪfˈɜːd stˈɒk], \ɐ_dʒ_ˈʌ_s_t_ə_b_əl ɹ_ˈeɪ_t p_ɹ_ɪ_f_ˈɜː_d s_t_ˈɒ_k]\
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PREFERRED STOCK that pays investors a floating DIVIDEND that resets periodically (generally every quarter or every 49 days); the floating dividend is typically pegged to TREASURY BILL rates or some other recognized MONEY MARKET rate. Also known as MONEY MARKET PREFERRED STOCK, VARABLE RATE PREFERRED STOCK. See also DUTCH AUCTION PREFERRED STOCK.
By Henry Campbell Black
