You can embed a floating text field in a text object. Floating text fields support the merging of different text values within text objects. For example, you could embed a floating text field to generate a customer name in the salutation of a form letter.
A floating text field does not have a caption and can be edited as if it were a single character of text. The properties of the floating text field must be defined separately in addition to the properties of the text object.
See also 

To insert a floating text field into a text object