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droplock bond

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Financial Dictionary

droplock bond

A floating-rate bond that automatically converts to a fixed-rate bond if the interest rate used to peg the floating rate falls to a predetermined level. The new fixed rate stays in place until the droplock bond reaches maturity.

Wall Street Words: An A to Z Guide to Investment Terms by David L. Scott.
Copyright © 2003. Published by Houghton Mifflin.
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