It stands for drop lock bond; a floating-rate bond that converts into a fixed coupon obligation when a reference interest…

A bond that has a floating rate interest- that is, an interest rate that adjusts periodically (monthly, quarterly, semi-annually, etc.)...

A bond that has a floating rate interest- that is, an interest rate that adjusts periodically (monthly, quarterly, semi-annually, etc.)...

A bond that has a floating rate interest- that is, an interest rate that adjusts periodically (monthly, quarterly, semi-annually, etc.)...

A bond that pays a fixed amount of interest (coupon) for a specific period of time and then turns into...

A bond that pays a fixed amount of interest (coupon) for a specific period of time and then turns into...

A floating-rate bond that converts into a fixed coupon obligation when a reference interest rate (market interest rate) drops below...