However, some bonds have interest rates that fluctuate during the life of the bond, usually at a spread over a reference rate.These are called variable rate bonds or floating rate notes (FRN).

• 不过，也有一些债券的利率在有效期间是浮动的，一般上它们会根据一个参考利率制定，这类债券称为“浮动利率债券”。