This page describes some of the coupon period fields that you can use when you set up fixed income securities for use with Eagle Accounting.
Child pages (Children Display)
Interest Payment Timing
Interest Payment Timing (tag 1523). Determines the coupon dates, when more than one possible set of coupon dates can be calculated. If you leave the field value null, by default Eagle Accounting uses the last day of the month for calculating coupons. For example, if the First and Last Coupon Dates of a security are the fifteenth of a month, and you entered Last Day of the Month in the Interest Payment Timing field, the Eagle Accounting earnings process recognizes that the Interest Payment Timing frequency is an invalid entry. Options include:
- Last Day of Month (LDM).
- Same Day of Month (SDM).
- None (NONE).
An example follows.
A security that pays semi-annual has a First Coupon Date of 2/28/99, and a Last Coupon Date of 2/28/05.
In the Interest Payment Timing field, if you select Last Day of the Month or leave the Interest Payment Timing field null:
- Eagle Accounting generates the coupon on February 28th (February 29th in a leap year) and August 31st.
If you select Same Day of the Month in the Interest Payment Timing field:
- Eagle Accounting calculates the coupon to occur on February 28th and August 28th.
Business Calendar Name
Business
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Day of Month Override
Day of Month Override (tag 1533). Identifies the day of the month or business day of the month on which the security is to pay income. This is based on the business calendar.
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Day
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- 1_B (1st Business Day)
- 2_B (2nd Business Day)
- 3_B (3rd Business Day)
- 4_B (4th Business Day)
- 5_B (5th Business Day)
- 6_B (6th Business Day)
- 7_B (7th Business Day)
- 8_B (8th Business Day)
- 9_B (9th Business Day)
- 10_B (10th Business Day)
- 11_B (11th Business Day)
- 12_B (12th Business Day)
- 13_B (13th Business Day)
- 14_B (14th Business Day)
- 15_B (15th Business Day)
- 16_B (16th Business Day)
- 17_B (17th Business Day)
- 18_B (18th Business Day)
- 19_B (19th Business Day)
- 20_B (20th Business Day)
- 21_B (21st Business Day)
- 22_B (22nd Business Day)
- 23_B (23rd Business Day)
- LASTB (Last Business Day)
- NONE (No Override)
- WDC (Week Day of First Coupon)
Day of Month Override Examples
Pay Quarterly on 4th Business Day of Month Example
For example, a security that pays quarterly, and on the 4th business day of the month, would have Payment Frequency set to Quarterly and the Day of Month Override field set to 4th Business Day (4_B). The First Coupon Date and Last Coupon Date must be in sync based on the Payment Frequency field and Day of Month Override values.
The following figure shows Issue Viewer's Long Term Debt panel. The Payment Frequency field is set to Quarterly and the Day of Month Override field is set to 4th Business Day (4_B)
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Last Coupon Date means last modal coupon date or last normal coupon date, and Business Day refers to a valid business day based upon the business calendar that is populated in the Business Calendar field (tag 1480) for the security. |
Pay 4th Thursday of Month Example
If you want to set up a security that pays on the fourth Thursday of every month, you must set the Payment Frequency field to Monthly and the Day of Month Override field to WDC (Week Day of First Coupon). Eagle Accounting then determines which day of the month is the First Coupon Date, and generates the coupon schedule from that point forward. Again, note that the First Coupon Date and Last Coupon Date must be in sync, based on the Payment Frequency field and Day of Month Override values. An example of this setup follows. The following figure shows the Issue Viewer tool's Long Term Debt panel.
Business Day Convention
Business Day Convention (tag 1536). Determines when a coupon should pay interest should the scheduled coupon due date occur on a non-business day.
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Coupon Day of Month (tag 10551). Specifies the day of the month in which the coupon is payable. If you select a value for Business Day Convention (tag 1536) other than None, you must specify the day of the month on which the coupon pays. You can enter a value from 1 to 31.
Last Coupon Date Calculation and Validation
To facilitate entering and validating the Last Coupon Date, Eagle Accounting provides the following options.
Calculate/Validate Last Coupon Date (tag 2337). Determines whether Eagle Accounting validates the Last Coupon Date value. Options include:
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Business Calendar Name
Business Calendar Name (tag 1480). Specifies the business calendar for the security. The system uses the value to identify business days and non business days for the purposes of determining the coupon payment date and coupon payment schedules. It uses the Business Calendar in conjunction with the First Coupon Date, Last Coupon Date, Payment Frequency, Day of Month Override, Business Day Adjust, and Interest Payment Timing fields to generate the coupon schedule of a bond.
Day of Month Override
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Valid Last Normal Coupon Date (tag 2311). Displays the calculated penultimate coupon, based upon the values in the Payment Frequency, Payment Timing, Business Calendar, Business Day Adjust, and Day of Month Override fields.
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Option
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Tag
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Description
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Delay Days
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1799
Day of Month Override (tag 1533). Identifies the day of the month or business day of the month on which the security is to pay income. This is based on the business calendar.
The system uses the Day of Month Override in conjunction with the Payment Frequency (tag 472) field to calculate coupons that pay on certain business days of the month, or that pay based on a certain occurrence during the month. Eagle Accounting provides a list of valid day-of-the-month override codes in the DAY MONTH OVRD code category, as part of the installation/upgrade process. The available options follow.
- 1_B (1st Business Day)
- 2_B (2nd Business Day)
- 3_B (3rd Business Day)
- 4_B (4th Business Day)
- 5_B (5th Business Day)
- 6_B (6th Business Day)
- 7_B (7th Business Day)
- 8_B (8th Business Day)
- 9_B (9th Business Day)
- 10_B (10th Business Day)
- 11_B (11th Business Day)
- 12_B (12th Business Day)
- 13_B (13th Business Day)
- 14_B (14th Business Day)
- 15_B (15th Business Day)
- 16_B (16th Business Day)
- 17_B (17th Business Day)
- 18_B (18th Business Day)
- 19_B (19th Business Day)
- 20_B (20th Business Day)
- 21_B (21st Business Day)
- 22_B (22nd Business Day)
- 23_B (23rd Business Day)
- LASTB (Last Business Day)
- NONE (No Override)
- WDC (Week Day of First Coupon)
Pay Quarterly on 4th Business Day of Month Example
For example, a security that pays quarterly, and on the 4th business day of the month, would have Payment Frequency set to Quarterly and the Day of Month Override field set to 4th Business Day (4_B). The First Coupon Date and Last Coupon Date must be in sync based on the Payment Frequency field and Day of Month Override values.
The following figure shows Issue Viewer's Long Term Debt panel. The Payment Frequency field is set to Quarterly and the Day of Month Override field is set to 4th Business Day (4_B)
| Info |
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Last Coupon Date means last modal coupon date or last normal coupon date, and Business Day refers to a valid business day based upon the business calendar that is populated in the Business Calendar field (tag 1480) for the security. |
Pay 4th Thursday of Month Example
If you want to set up a security that pays on the fourth Thursday of every month, you must set the Payment Frequency field to Monthly and the Day of Month Override field to WDC (Week Day of First Coupon). Eagle Accounting then determines which day of the month is the First Coupon Date, and generates the coupon schedule from that point forward. Again, note that the First Coupon Date and Last Coupon Date must be in sync, based on the Payment Frequency field and Day of Month Override values. An example of this setup follows. The following figure shows the Issue Viewer tool's Long Term Debt panel.
Interest Payment Timing
Interest Payment Timing (tag 1523). Determines the coupon dates, when more than one possible set of coupon dates can be calculated. If you leave the field value null, by default Eagle Accounting uses the last day of the month for calculating coupons. For example, if the First and Last Coupon Dates of a security are the fifteenth of a month, and you entered Last Day of the Month in the Interest Payment Timing field, the Eagle Accounting earnings process recognizes that the Interest Payment Timing frequency is an invalid entry. Options include:
- Last Day of Month (LDM).
- Same Day of Month (SDM).
- None (NONE).
An example follows.
A security that pays semi-annual has a First Coupon Date of 2/28/99, and a Last Coupon Date of 2/28/05.
In the Interest Payment Timing field, if you select Last Day of the Month or leave the Interest Payment Timing field null:
- Eagle Accounting generates the coupon on February 28th (February 29th in a leap year) and August 31st.
If you select Same Day of the Month in the Interest Payment Timing field:
- Eagle Accounting calculates the coupon to occur on February 28th and August 28th.
Delay Days
Delay Days (tag 1799). Specifies the number of days between the end of the accrual period and the actual receipt of the coupon and principal payment. The system uses this value in the creation of coupons, paydown transactions, and payup transactions, as well as in the Cash Flow Projections report.
Delay Days Type
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5074
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Delay Days Type (tag 5074). Indicates whether the delay days are business days or calendar days. Options include:
- B (Business). Uses business days to identify delay days. The Business Calendar Name field (tag 1480) identifies the security's business calendar.
- C (Calendar). Uses calendar days to identify delay days.
Coupon Delay Days
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4908
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Coupon Delay Days (tag 4908). Specifies the number of days to extend the coupon period.
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This field is not required for debt instruments.
Coupon Delay Days Type
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3999
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Coupon Delay Days Type (tag 3999). Specifies whether the coupon delay days are business days or calendar days. This field is not required for long term debt instruments. Options include:
- B (Business). Uses business days to identify coupon delay days. The Business Calendar Name field (tag 1480) identifies the security's business calendar.
- C (Calendar). Uses calendar days to identify coupon delay days.
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Maturity Delay Days
Maturity Delay Days
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(tag 3997
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). Specifies the number of days to delay generation of the maturity transaction.
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This field is not required for debt instruments.
Maturity Delay Days Type
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3998
Maturity Delay Days Type (tag 3998). Specifies whether the maturity delay days are business days or calendar days. This field is not required for debt instruments. Options include:
- B (Business). Uses business days to identify maturity delay days. The Business Calendar Name field (tag 1480) identifies the security's business calendar.
- C (Calendar). Uses calendar days to identify maturity delay days
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