Do You Want to SURF?
Team Latte
Feb 22, 2005
The term SURF refers to Step-up Recovery Floater and is a class of interest rate Structured Notes. This term was coined by Bob Lutey and Philippe Burke of Lehman Brothers on a particularly inventive afternoon in 1992. This product was so named because the initial variant of this structure (note) had a coupon floor which stepped up over time. These days there are many different variations of SURF notes.
(Taken from The Structured Note Market by Scott Peng and Ravi Dattareya)
  
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