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TeachMeFinance.com - explain floater floater -- a CMO tranche with an interest rate that adjusts periodically in relation to an index such as LIBOR. historic definition... Floater -- English name for a security of the better class payable to bearer; the name is applied because of the facility with which such a security may be used as cover (collateral) for loans. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.