A bond in which the amount of the (semi)annual interest is reduced once or in several steps during the term (the coupon payable decreases over time. It could be a one-off large decrease, or a more frequent small decrease, or any other type of combination). – Accordingly, in the case of a step-up bond, the interest rate is increased. – See bond, floating rate, Eurobonds, floater, floor, conversion bond, fixed rate.
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