It stands for adjustable long-term puttable securities; a type of security (debt security such as a bond)- specifically a fixed income instrument, which pays a coupon in a base currency (usually the currency of the investor/ holder) and the principal in a non-base currency (i.e., the currency of the issuer). This instrument provides investors with periodic adjustments to interest rates, with the option to sell the instrument/ security back to the issuer at specific times.
The purpose of holding such securities is to have a currency exposure different from the currency denominating the amount invested.
It is a proprietorial name for a dual currency bond.
