Just call us Bond. Amortized bond.
Over 700 finance terms, Shmooped to perfection.
Adjustable Rate Preferred Stock
Okay, first see preferred stock for the gist. Preferred stock acts like a bond in that it pays interest. Most preferred stock is convertible though into equity. So, there's this "adjustable" word. How is it adjustable? Adjustable to... what? Industry practice defaults rates to T-Bills. That's common in the land of ARPS.