adjustable-rate bond　

adjustable-rate bond　可调整利率债券　

a type of mortgage in which the interest rate paid on the outstanding balance varies according to a specific benchmark.The initial interest rate is normally fixed for a period of time after which it is reset periodically，often every month.The interest rate paid by the borrower will be based on a benchmark plus an additional spread，called an ARM margin.An adjustable rate mortgage is also known as a“variable-rate mortgage”or a“floating-rate mortgage”.