Floating Rate Notes (FRN) are US Treasuries where the coupon rate is indexed to an underlying reference rate, generally the 13 week T-Bill plus a defined spread, which will therefore change (or ‘float’) over the life of the Note.
The prevailing coupon rate for FRNs is displayed in the trading platforms on a best efforts basis via third party data providers, but investors should refer to the Treasury Direct website for more information on FRNs and to confirm the most recently reported rates.