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

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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:

• First Rate Reset Date (tag 10911). Specifies the very first date the rate resets from the dated date of the security. The system uses the First Rate Reset Date, Reset Frequency Code, Business Calendar, and Business Day Convention options to create the floating rate reset schedule of the security.
• Reset Frequency Code (tag 1788). Specifies the frequency by which the security resets its rates, beginning from the date in the First Rate Reset Date field.
• Reset Look Back Days (tag 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. For example, if a Floating Rate security has a Reset Frequency of Semiannual with resets falling on 2/1 and 8/1, and a value of 10 in the Reset Look Back days, on February 1st the rate is reset to the underlying rate for January 22nd (February 1st minus 10 days).
• Reset Look Back Days Type (tag 5075). Indicates whether the reset look back days are business days or calendar days. Options include:
  • B (Business). 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.
• Periodic Cap (tag 10907). Sets the limits for how much the rate can move from period to period and over the life of the loan. Specifies the maximum allowed increase in a variable rate from one period to the next.
• Periodic Floor (tag 10907). This field sets the limits for how much the rate can move from period to period and over the life of the loan. This field specifies the maximum allowed decrease in a variable rate from one period to the next.
• Lifetime Cap (tag 10909). Sets the limits for how much the rate can move from period to period and over the life of the loan. Specifies the maximum lifetime coupon rate.
• Lifetime Floor (tag 10910). Sets the limits for how much the rate can move from period to period and over the life of the loan. Specifies the minimum lifetime coupon rate.

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The rate reset process also uses the Business Calendar Name and Business Day Convention, described in About Coupon Period Fields. It uses the Business Day Convention (tag 1536) to create rate reset schedules and is 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.

ALSO COUPON TYPE. BUSINESS DAY CONVENTION

The following figure shows the Floating Rate Information fields that the system uses for rate resets.
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Figure 30: Long Term Debt Panel – Floating Rate Information FieldsIt shows a section of Issue Viewer's Long Term Debt panel. 

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