A hybrid floating rate note with no maturity date. The investors are paid in coupons but the pricipal is not paid. Refer to capped, inverse, and range floating range notes.
More On This Topic
Link to This Definition
Did you find this definition of PERPETUAL FLOATING RATE NOTE (FRN) helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary
