Fixed Rate Reset Notes definition

Fixed Rate Reset Notes. Fixed Rate Reset Notes will, in respect of an initial period, bear interest at the initial fixed rate of interest specified in the applicable Final Terms. Thereafter, the fixed rate of interest will be reset on one or more date(s) specified in the applicable Final Terms by reference to a Mid-Swap Rate, a Benchmark Gilt Rate, a Reference Bond Rate or a U.S. Treasury Rate and for a period equal to the reset period, as adjusted for any applicable margin, in each case as may be specified in the applicable Final Terms. Interest will be payable in arrear on the date or dates in each year specified in the relevant Final Terms.

Fixed Rate Reset Notes. Fixed Rate Reset Notes will, in respect of an initial period, bear interest at the initial fixed rate of interest specified in the applicable Final Terms. Thereafter, the fixed rate of interest will be reset on one or more date(s) specified in the applicable Final Terms by reference to a Mid-Swap Rate, a Benchmark Gilt Rate or a Reference Bond Rate and for a period equal to the reset period, as adjusted for any applicable margin, in each case as may be specified in the applicable Final Terms. Interest will be payable in arrear on the date or dates in each year specified in the relevant Final Terms. Floating Rate Notes: Floating Rate Notes will bear interest at a rate:

Fixed Rate Reset Notes. Fixed Rate Reset Notes will, in respect of an initial period, bear interest at the initial fixed rate of interest specified in the applicable Final Terms. Thereafter, the fixed rate of interest will be reset on one or more date(s) specified in the applicable Final Terms by reference to a Mid-Swap Rate, a Benchmark Gilt Rate, a Reference Bond Rate or a U.S. Treasury Rate and for a period equal to the reset period, as adjusted for any applicable margin, in each case as may be specified in the applicable Final Terms. Interest will be payable in arrear on the date or dates in each year specified in the relevant Final Terms. Floating Rate Notes: Floating Rate Notes will bear interest at a rate determined on the basis of a reference rate appearing on the agreed screen page of a commercial quotation service. The Margin (if any) relating to such floating rate will be indicated in the applicable Final Terms. Other provisions in relation to Floating Rate Notes: Interest on Floating Rate Notes in respect of each Interest Period, as agreed prior to issue by the relevant Issuer and the relevant Dealer, will be payable on such Interest Payment Dates, and may be calculated on the basis of such Day Count Fraction, as indicated in the applicable Final Terms. Benchmark discontinuation: In certain situations, including if the relevant benchmark ceases to be administered, (a) an Alternative Reference Rate may be determined and certain other adjustments may be made to the Conditions and related transaction documentation to effect a Reference Rate Modification in respect of the relevant Floating Rate Notes or Fixed Rate Reset Notes pursuant to Condition 14(c), or (b) in the case of Floating Rate Notes linked to the Secured Overnight Financing Rate (“SOFR”), a Benchmark Replacement and Benchmark Replacement Conforming Changes may be determined in respect of the relevant Floating Rate Notes pursuant to Condition 4(d)(iii).

Examples of Fixed Rate Reset Notes in a sentence

• Fixed Rate Reset Notes will initially bear interest at the Initial Rate of Interest until (but excluding) the First Reset Date.

• Moreover, any of the above matters or any other significant change to the setting or existence of any relevant rate could affect the ability of the Issuer to meet its obligations under the Floating Rate Notes or Fixed Rate Reset Notes or could have a material adverse effect on the value or liquidity of, and the amount payable under, the Floating Rate Notes or Fixed Rate Reset Notes.

• In certain circumstances, the ultimate fallback for a particular Interest Period or Reset Period (as applicable) may result in the effective application of a fixed rate for Floating Rate Notes or Fixed Rate Reset Notes (as applicable) based on the rate of interest that was determined for the last preceding Interest Period or Reset Period (as applicable).

• Risks related to the structure of a particular issue of Floating Rate Notes or Fixed Rate Reset Notes Investors should be aware that if any benchmark were discontinued or otherwise unavailable, the rate of interest on Floating Rate Notes or Fixed Rate Reset Notes (as applicable) which are linked to or which reference such benchmark will be determined for the relevant period by the fallback provisions applicable to such Notes.

• Investors should consider all of these matters when making their investment decision with respect to the relevant Floating Rate Notes or Fixed Rate Reset Notes.

• Risks related to the structure of a particular issue of Floating Rate Notes or Fixed Rate Reset Notes Investors should be aware that if LIBOR, or any other benchmark, were discontinued or otherwise unavailable, the rate of interest on Floating Rate Notes or Fixed Rate Reset Notes (as applicable) which are linked to or which reference such benchmark will be determined for the relevant period by the fallback provisions applicable to such Notes.

• This may result in the effective application of a fixed rate for Floating Rate Notes or Fixed Rate Reset Notes (as applicable) based on the rate of interest that was determined for the last preceding Interest Period or Reset Period (as applicable).

• Fixed Rate Reset Notes will initially bear interest at the Initial Rate of Interest until (but excluding) the Reset Date.

• The Reset Rate could be less than the Initial Rate of Interest and could affect the market value of an investment in the Fixed Rate Reset Notes.

• The Subsequent Reset Rate for any Reset Period could be less than the Initial Rate of Interest or the Subsequent Reset Rate for prior Reset Periods and could affect the market value of an investment in the Fixed Rate Reset Notes.