perpetual floating-rate note
A note whose interest rate is variable in nature, usually changing every 6 months, according to a fixed reference rate such as the London Inter-Bank Offered Rate (LIBOR). Such notes are usually represented in terms of:
For example, a floater represented as "6 months EUR LIBOR + 0.5%", would yield an interest rate of LIBOR rate at the current time plus 0.5% as the spread in 6 months. Also called floaters, variable-rate notes.