how do you read FRN quote 3m$L+104bps
Hi everyone, I'm a little new to fixed income securities and I wanted to know how do you read these quotes for floating rate notes (e.g. FRN: 3m$L+104bps). thank you very much.
Just tells you that the note pays a regular coupon of 3M USD LIBOR + 1.04%. Assume all other conventions to be standard.
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