Reference Spread definition

Reference Spread means, for any relevant calendar day, an amount equal to the difference between (i) the USD 30-Year CMS Rate for such day, minus (ii) the USD 2-Year CMS Rate for such day, as determined by the Calculation Agent.

Reference Spread means USD CMS 30y minus USD CMS 2y.

Reference Spread means, if applicable, the spread of Rate 1 over Rate 2, to be fixed by the Calculation Agent at the Valuation Time on each day by reference to information published on the Reference Spread Screen Page specified in the definition of the relevant Series in the applicable Final Terms, except that (i) if any day is not a Business Day, the fixing for the immediately preceding Business Day shall be used, (ii) the last fixing of Rate 1 and Rate 2 in each Interest Period will be the fifth Business Day prior to the Interest Payment Date falling at the end of that Interest Period and this fixing will be used for the remaining days of the Interest Period (whether or not they are Business Days) and (iii) if, in the determination of the Calculation Agent, a Market Disruption Event has occurred on any day, then the Reference Spread will be fixed by the Calculation Agent in accordance with Product Condition 4 below;

Examples of Reference Spread in a sentence

• If the Reference Spread does not fix at a level satisfying the Range Accrual Condition on any of those days, then N will be zero and no Interest Amounts will be payable for such Interest Period.

• Small movements in the Reference Spread may, therefore, have very large effects on the value of the Notes and the amount of interest to be paid.Range Accrual Notes may not accrue interest for extended periods of time, if at all.

• Small movements in the Reference Spread may, therefore, have very large effects on the value of the Notes and the amount of interest to be paid.

• In respect of the Variable Interest Amount, if the Reference Spread is fixed lower than the Lower Barrier or the Reference Rate is fixed higher than the Upper Barrier, the Security will accrue less interest and the Security may pay zero interest during that period.

• The "Reference Spread" (which could be negative) will be the spread of Variable 1 (based on a benchmark Reference Rate) over Variable 2 (which will be a benchmark Reference Rate or otherwise specified to be zero).

More Definitions of Reference Spread

Reference Spread means Accrual Rate A minus Accrual Rate B.]

Reference Spread means Reference Rate2 – Reference Rate1;

Reference Spread means on any Currency Business Day in an Accrual Period, a percentage equal to the CMS-30 Accrual Rate minus the CMS-10 Accrual Rate.

Reference Spread means USD CMS 30y minus USD CMS 2y."USD CMS 30y" means the rate for fixed float interest rate swaps in USD for a period of 30 years which appears on Reuters Page ISDAFIX1 as of 11 am New York time on each calendar day. In case a calendar day is not a Business Day, the relevant rate is the rate displayed on the ISDAFIX1 page on the Business Day immediately prior to such calendar day.

Reference Spread means, for any relevant calendar day, an amount equal to the difference between

Reference Spread means, the rate (as determined by the Calculation Agent), being equal to the USD 10 Year CMS Rate Arithmetic Mean for such day minus the USD 2 Year CMS Rate Arithmetic Mean for such day.

Reference Spread means in respect of any relevant Interest Period, an amount equal to (i) the USD 30-Year CMS Rate in respect of such Interest Period minus (ii) the USD 2-Year CMS Rate in respect of such Interest Period, as determined by the Calculation Agent.