Step-up Bond
A bond that pays an initial coupon rate for the first period, and then a higher coupon rate for the following periods.
Investopedia Commentary
In other words, the coupon "steps up". For example a five-year bond may pay a 4% coupon for the first two years of its life and a 6% coupon for the final three years.
Related Links
Bond Basics Tutorial
Advanced Bond Concepts
Asset Allocation within Fixed Income
The Basics Of The Bond Ladder
See also: Bond, Bond Ladder, Coupon, Coupon Bond, Fixed-Income Security, Sinking Fund
Also spelled: Stepup Bond, Step up Bond, steps up bond, steps up bonds