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Select Auction Variable Rate Securities (SAVRs)
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A direct auction reset municipal floating rate note paired with Residual Interest Bonds (RIBs) so the municipal issuer pays a fixed rate on the combined tranches. See Bull and Bear Notes, FLOating Auction Tax Exempts (FLOATS), Residual Interest Bonds (RIBs). See also Tax Exempt Enhanced Municipal Security (TEEMS).
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