This section describes the Floating Rate information fields for securities. The system uses these options when you set the security's Coupon Type Code field (tag 97) to a value of X (Floating Rate) or R (inverse Floater).
For more information about floating rate securities, see Understand Variable Rate and Floating Rate Securities.
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Eagle Accounting provides the following fields to support rate reset frequency for floating rate and inverse floating rate coupon type securities. Option | Tag | Description |
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First Rate Reset Date | 10911 | Specifies the first calendar date that the rate resets from the dated date of the security. The system uses the First Rate Reset Date field, along with Reset Frequency Code, Business Calendar, and Business Day Convention field values to create the floating rate reset schedule of the security. This field appears and is required only if you set the Coupon Type Code field (tag 97) to a value of either X (Floating Rate) or R (Inverse Floater). | Reset Frequency | 476 | Specifies the frequency at which the security resets its rate, beginning from the date defined in the First Rate Reset Date field. This field appears only if you set the Coupon Type Code field (tag 97) to a value of either X (Floating Rate) or R (Inverse Floater). Options include: - 10 DAY
- 14 Day
- 28 Day
- 30 Day
- 35 Day
- 49 Day
- Annual
- Bi-Monthly
- Daily
- Monthly
- Quarterly
- Semi-Annual
- Weekly
| Reset Frequency Code | 1788 | Specifies the code associated with the frequency at which the security resets its rate beginning from the date defined in the First Rate Reset Date field. This field appears and is required only if you set the Coupon Type Code field (tag 97) to a value of either X (Floating Rate) or R (Inverse Floater). Options include: - 10_D (10 DAY)
- 12_M (Annual)
- 14_D (14 Day)
- 1_D (Daily)
- 1_M (Monthly)
- 28_D (28 Day)
- 2_M (Bi-Monthly)
- 30_D (30 Day)
- 35_D (35 Day)
- 3_M (Quarterly)
- 49_D (49 Day)
- 6_M (Semi-Annual)
- 7_D (Weekly)
| Reset Look Back Days | 10547 | Specifies the actual number of days to look back when setting the rate on the reset date. Floating Rate type securities can use a past rate on the specified reset date.
This field appears only if you set the Coupon Type Code field (tag 97) to a value of either X (Floating Rate) or R (Inverse Floater). | Reset Look Back Days Type | 5075 | Indicates whether the reset look back days are business days or calendar days. This field appears only if the Coupon Type Code field (tag 97) has a value of X (Floating Rate) or R (Inverse Floater). Options include: Uses business days to identify reset look back days, using the Business Calendar Name field (tag 1480) to identify the security's business calendar.C (Calendar). Uses calendar days to identify reset look back days.Indicates whether the reset look back days are business days or calendar days. This field appears only if the Coupon Type Code field (tag 97) has a value of X (Floating Rate) or R (Inverse Floater). Options include: - B (Business). Uses business days to identify reset look back days, using the Fixing Date Business Calendar field (tag 16407) to identify the security's fixing date business calendar.
- C (Calendar). Uses calendar days to identify reset look back days.
| | Fixing Date Business Center | 16407NEW FOR REVIEW: | Specifies the fixing date business calendar for the security. The Earnings process uses the business calendar you select to identify business days and non business days for the purposes of determining the fixing date for floating rate and inverse floating rate coupon date. The fixing date is the date on which a rate/price is selected for use on the reset date. If you do not select a value, the Earnings process uses the business calendar selected in the Business Calendar Name field (tag 1480) to determine the fixing date. This option allows you to specify separate calendars when a security uses one calendar for dropping coupons and a different calendar for resetting the floating rate. This field appears only if the Coupon Type Code field (tag 97) has a value of X (Floating Rate) or R (Inverse Floater). | Periodic Cap | 10907 | Specifies the maximum allowed increase in a variable rate from one period to the next period. Applies to the calculation of floating rate or inverse floating rate coupon types. For all other coupon type such as variable rate, this field is reference only. This field appears only if you set the Coupon Type Code field (tag 97) to a value of either X (Floating Rate) or R (Inverse Floater). | Periodic Floor | 10908 | Specifies the maximum allowed decrease in a variable rate from one coupon period to the next coupon period. Applies to the calculation of floating rate or inverse floating rate coupon types. For all other coupon type such as variable rate, this field is reference only. This field appears only if you set the Coupon Type Code field (tag 97) to a value of either X (Floating Rate) or R (Inverse Floater). | Lifetime Cap | 10909 | Specifies the maximum coupon rate allowed during the life of the security. This field sets the limits for how much the coupon rate can move from period to period and over the life of the loan. Applies to the calculation of floating rate or inverse floating rate coupon types. For all other coupon type such as variable rate, this field is reference only. This field appears only if you set the Coupon Type Code field (tag 97) to a value of either X (Floating Rate) or R (Inverse Floater). | Lifetime Floor | 10910 | Specifies the minimum coupon rate allowed during the life of the security. This field sets the limits for how much the coupon rate can move from period to period and over the life of the loan. This field identifies the minimum lifetime coupon rate. Applies to the calculation of floating rate or inverse floating rate coupon types. For all other coupon type such as variable rate, this field is reference only. This field appears only if you set the Coupon Type Code field (tag 97) to a value of either X (Floating Rate) or R (Inverse Floater). |
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