Coupon reset lag
The gap between the date the reference rate is observed and the period a floater pays for at that rate.
How to read the number
Because of the lag the floater's coupon reflects yesterday's rate rather than today's: the instrument chases the market instead of moving with it.
When the metric lies
In a sharp tightening cycle the coupon trails and the price slips below par, even though the paper is nominally floating. The belief that a floater always sits near par breaks exactly here.
Also known as: reset lag, observation lag