A range note in which the coupon is determined as the maximum of dollar LIBOR and Euribor plus a given spread, provided that both rates don’t break through a barrier or several barriers (set up) over the life of the note. If the barrier is breached at the beginning of any interval, a low coupon rate will be applied to that interval only. Successive intervals will not be affected by an interval with a breached barrier. The barrier (s) can be selected in a way that matches an investor’s expectations of the future course of underlying rate.