A note in which the fixed coupon rises at a particular date e.g. it may pay 5% for three years and then 5.5% for the next seven years. A Step-Up Callable Note would be a step-up note which the issuer has the right to redeem at a particular date (usually the same date as when it steps up).
Our life is a learning experience. Every day make sure you learn something new. Learn explanations of banking words such as Step-Up Note every day and you will fly!
Every comment you leave gets you an entry into the draw for 100 GBP of vouchers from Amazon UK. Next winner will be selected on [date].