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Remarketed Preferred Stock
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Perpetual preferred stock with a dividend rate that resets at the end of each dividend period to a level determined by a remarketing agent, subject to certain maximums relative to commercial paper rates. Dividend periods and payments may be variable even within a single issue to meet issuer and investor needs. Similar to other adjustable rate preferred structures except for the rate reset and redistribution mechanism. See also Adjustable Rate Preferred Stock (ARPS), Auction Rate Preferred Stock (ARPS).
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Glossary *
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