Targeted Accrual Redemption Note (TARN) Definition
What is a Targeted Cumulative Refund Ticket? A Targeted Repayment Repayment Note (TARN) is an exotic derivative that terminates when a limit for paying coupons to the holder is reached. Target Accural Repayment Notes (TARN) have the particularity of being subject to early termination. If the coupon accumulation reaches a predetermined amount before the settlement…