Coupon reset
The issuer's right to set a new rate for the following periods, usually alongside a put offer.
How to read the number
A reset lets the issuer refit the cost of its debt to the current market without going through a new placement.
When the metric lies
The new rate is announced shortly before the date, and the decision to put the bond back has to be made in a short window. Missing it leaves the holder on terms nobody offered them a choice about.
Also known as: rate reset, coupon refixing