Tradition

We are a well established, experienced team broking European, Asian and American named financial Floating Rate Notes (FRNs) in all currencies. We specialise in subordinated Bonds, in which we are market leaders.

FRNs are bonds that have a variable coupon, equal to a money market reference rate, such as LIBOR or federal funds rate, plus a spread. The spread is a rate that remains constant. Almost all FRNs have quarterly coupons, they pay out interest every three months, though counterexamples do exist. At the beginning of each coupon period, the coupon is calculated by taking the fixing of the reference rate for that day and adding the spread.