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Fixed Interest Rate Substitute Transacti...
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Fixed Interest Rate Substitute Transaction (FIRST)
A two
tranche
floating rate
note
structure
with one tranche a traditional floater and the other a reverse floater. The net effect of the offsetting tranches is to make the
issuer
a
fixed rate payer
. See also
Residual Interest Bonds (RIBs)
.
Glossary
*
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