VRDOs May Protect Municipal Bond Investors Against Rising Rates
https://www.thornburg.com/article/vrdos-may-protect-municipal-bond-investors-against-rising-rates/
WEBJul 18, 2018 · The interest rates of the securities, which are also known as Variable Rate Demand Notes (VRDNs), are indexed to the SIFMA Municipal Swap Index (SIFMA Index) and the securities are priced at par. While VRDOs are priced off a floating index, they are not to be confused with ARPs, as certain features make them very different.
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