Rosalyn Mercer 
Floating Rate Notes [PDF ebook] 
Analysis of Treasury’s Newest Debt Management Security

Issuing floating rate notes (FRN) is likely to help the Department of the Treasury (Treasury) meet its goals to borrow at the lowest cost over time, extend the average maturity of the debt portfolio, and increase demand for Treasury securities, but it also presents risks related to changes in interest rates. This book evaluates Treasury’s rationale for introducing FRNs and identifies the demand for Treasury securities from a broad range of investors to assess whether changes would help Treasury meet its goals.