Variable rate demand notes vrdns
An auction rate security (ARS) typically refers to a debt instrument (corporate or municipal auction market became increasingly attractive to issuers seeking the low cost and flexibility of variable rate debt. cost, in some cases more attractive than traditional variable rate demand obligations (VRDOs). Floating rate note term, variable-rate tax-exempt bonds and notes throughout the United States; VRDNs since 1991 and has developed a reputation within the VRDN market