floating rate note
noun[C]
FINANCEukus(abbreviationFRN);(alsoinformalfloater)abondthatpaysdifferentamountsofinterestat differenttimes,dependingon theratethatexistson thedatethepaymentis made:
Thecountryhaspledgedtoissuefive-yearfloatingratenotestohelppaybackpartof theemergencyloan.