An interest bearing note which pays interest only if the underlying short term rate lies within a predefined range (upper and lower boundaries which are both short term rates). Otherwise, it pays nothing. The note pays a fixed amount if the final value of the underlying rate ends up greater than or equal to the lower boundary, and less than the upper boundary.
This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.
Comments