super floater

super floater
Floating rate CMO tranches that have coupon rates that are determined by formulas such that the interest rate paid is a multiple of an underlying rate minus a stated spread. For example, a superfloater may pay interest at the rate of 3 times 1-month LIBOR minus 16 percent. In this example, if 1-month LIBOR is 5 percent, then the coupon rate for this super floater might be a negative 1 percent. However, to prevent the possibility of negative interest rates, super floaters often have floors. Super floaters are more desirable in high or rising rate environments. American Banker Glossary

Financial and business terms. 2012.

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