The reset rate on a fixed income security is the rate to which the coupon changes at a date (or dates) as defined in the terms of the security. The first reset date is usually the first call date. This means that the reset rate will only apply if the issuer does not call the security. The reset rate is often a variable rate based on a margin over a certain base rate such as LIBOR or the yield on a Benchmark Gilt (BM Gilt).