Home > Glossary > Long Inverse Floating Exempt Receipt (LIFER)
Meaning / Definition of
Long Inverse Floating Exempt Receipt (LIFER)
Categories: Credit and Debt,
debt security issued to lender by municipal authorities when borrowing money to fund long-term projects. Although these securities usually pay lower interest rates, the income from their interest is exempt from federal income taxes. Considered complex and risky, only qualified institutional buyers (QIB) are allowed to engage in their transaction.
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