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Eagle Accounting supports the following rate reset frequencies for Floating Rate and Inverse Floating Rate coupon types. You can select the following code values for the security's Reset Frequency field.

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When you set up a floating rate or inverse floater type security, you specify a Coupon Type value of Floating Rate or Inverse Floating Rate. You use the Floating Rate Information fields to define the rate reset criteria. A description of those fields follows. 

How Eagle Accounting Uses Floating Rate Information

Eagle Accounting begins using the Dated Date Rate of the underlying index plus any applicable index offset, from the period from Dated Date to the First Rate Reset. Floating Rates and Inverse Floating Rate securities do not automatically change to a new rate when that rate becomes available (based upon the underlying security's security alias in the Variable Rate table) instead, rate changes are based on dates in the rate reset array, which are created using the first Rate Reset Date, Reset Frequency, Business Calendar, and the Business Day Convention. Note that contrary to the coupon reference data used to build the regular coupon array, there is no last rate reset date available.

Also note that the Business Calendar field is available for all securities, not just Inverse Floaters/Floating Rates and is required when you select a Business Day Convention or Day of Month Override field based on Business Day.

Fields That Support Rate Reset Frequency

As part of the floating rate process, Eagle Accounting uses the following fields to support the rate reset frequency:

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• Business Calendar Name (tag 1480). Specifies the business calendar for the security. A security does not always utilize the same business calendar of the country that the security was issued in. Therefore Eagle Accounting separates the security's Business Calendar Name value from the security's Issue Country Code value. For example, a bond issued in Canada, trading in USD on the London Stock Exchange can use a Great Britain calendar and not a Canadian calendar.
• Business Day Convention (tag 1536). Used to create rate reset schedules and used when a payment date is scheduled for a non-business day. If for example, a rate reset schedule is expected on the 22nd of the month but the 22nd falls on a Saturday, using Following Business Day Adjust, the rate reset schedule is set to the 24th for that coupon period and Rate Reset Date.Coupon Type Code (tag 97). Specifies the interest rate of the security. Options include:
• Floating Rate. The security has fixed coupon dates and uses a variable rate that is based on an underlying index and index offset to calculate the coupon to use for earnings. You must enter the rates attached to the underlying index security in the Variable Rate table.
• Variable Rate. The security has fixed coupon dates and uses a variable rate based on the security identifier to calculate the coupon for use in earnings. You must enter the rate in the Variable Rate table.
• Inverse Floater. The security has fixed coupon dates and uses a variable rate whose coupon rate is calculated inversely to the underlying index to which it is attached. When you select this value, the system displays the following fields: Inverse Floater Rate, Inverse Floater Multiple, Underlying Issue Name, Underlying Asset ID, and Index Offset. You must enter the rates attached to the underlying index security in the Variable Rate table. Note that the Inverse Floating coupon type replaced the processing security type (PST) code DBIVIV, and drives all existing inverse floating rate requirements and processing.
• Step Rate. The security has fixed coupon dates and uses a variable rate based on the security identifier to calculate the coupon for use in earnings. You must enter the rate in the Variable Rate table. The system recognizes this option as a step bond (also called a step coupon bond, step up bond, or step down bond). See "Step Bonds."
• Fixed Rate. The security has fixed coupon dates and has a fixed coupon rate to calculate the coupon for use in earnings.
Unscheduled Variable Rate. The security has unscheduled payments and accrues interest based on a rate you enter in the Variable Rate table. See "About Unscheduled Variable Rates.

ALSO COUPON TYPE. BUSINESS DAY CONVENTION

The following figure shows the Floating Rate Information fields that the system uses for rate resets.

Figure 30: Long Term Debt Panel – Floating Rate Information Fields