caplet
C2CEFR level
95/100Rarity: very rare
TechnicalRegister
A single interest-rate option that pays out if a reference rate exceeds a set level over one period.
An interest-rate cap is simply a strip of caplets, one for each reset date.
Rarity runs from 0 (a word everyone knows) to 100 (almost never seen outside specialist or literary writing). Level is the word's real difficulty on the CEFR scale, from A1 to C2.
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