About Coupon Date Fields

Issue Date

68

Specifies the original date of issue. The system uses this date to calculate the adjusted issue price for OID (original issue discount) amortization. If the instrument is OID eligible and it has a variable rate or floating rate, the rate must exist as of the issue date, so that the system can calculate the adjusted issue price.

Dated Date

1183

Specifies the date the security first begins to accrue interest. Eagle Accounting uses Dated Date and the First Coupon Date in the earnings process, to calculate the first coupon period of a security.

First Coupon Date

473

Specifies the date of the first coupon payment. In the case of MBS/ABS securities, the value in the First Coupon Date field should not include Delay Days.

The system uses the First Coupon Date, Last Coupon Date, and Payment Frequency fields to create a coupon schedule for the security, from issuance to maturity date. The coupon schedule consists of three coupon periods.

• The system uses the Dated Date and the First Coupon Date fields in the earnings process to calculate the first coupon period. The first coupon period can be a long length coupon period, a short coupon period, or a normal length coupon period.

• The system uses the First Coupon Date, Payment Frequency, Timing of Payment, Day of Month Override, Business Day Convention, and Last Coupon Date fields in the earnings process to calculate the second coupon period (also referred to as the second to last period or penultimate).

• The system uses the Last Coupon Date and the Maturity Date fields in the earnings process to calculate the last coupon period. The last coupon period can be a long length coupon period, a short length coupon period, or a normal length coupon period.

NOTE:  The first and last coupon date must be in sync with the payment frequency of the bond.

Last Coupon Date

474

Specifies the date of the last normal length coupon period. Eagle Accounting calculates the last coupon period from the Last Coupon Date to the Maturity Date. In the case of MBS/ABS securities, the Maturity Date should not include Delay Days. Because the last coupon period of a security can have a short-length coupon period, or a long-length coupon period, or a normal-length coupon period, the last coupon should be set to the penultimate coupon (the 2nd to last coupon).

In the event that Last Coupon Date is not in sync with the Payment Frequency, Day of Month Override, Business Day Calendar Adjust, Business Day Calendar, First Coupon Date, and Timing of Payment fields, Eagle Accounting generates an error, and displays an "Invalid Last Coupon Date" message, and no earnings are calculated. 

NOTE:  The first and last coupon date must be in sync with the payment frequency of the bond.

Maturity Date

38

Specifies the date that the security repays all outstanding principal and stops earning interest. In the case of MBS/ABS securities, the value in the Maturity Date field should not include Delay Days.

Maturity Price

42

Specifies the price at which the security returns principal. For an interest only security, the value is zero. For the majority of other debt issues, this value is 100.00.

Variable Rate Next Reset Date

3006

Specifies the date of the next rate reset for a security with a variable rate coupon type.

Calculate/Validate Last Coupon Date

2337

Determines whether Eagle Accounting validates the Last Coupon Date value. Options include:

• Calculate Last Coupon Date. Eagle Accounting calculates and displays a valid last coupon date in the Last Coupon Date field based on the values in the Payment Frequency, Payment Timing, Business Calendar, Business Day Adjust, and Day of Month Override. Note that Eagle Accounting can only calculate a Normal length or short last coupon period when asked to calculate a short last coupon date. 

• Validate Last Coupon Date. Eagle Accounting calculates a valid Last Coupon Date based on the values in the First Coupon Date, Last Coupon Date, Payment Frequency, Payment Timing, Business Calendar, Business Day Adjust, and Day of Month Override. Eagle Accounting returns the value in the Valid Last Normal Coupon Date field (tag 2311). If the dates in the Valid Last Normal Coupon Date field and value in the Last Coupon Date (tag 474) field do not match, Eagle Accounting generates the following error :  (ERR): Last Coupon Date is not valid" in the Valid Last Normal Coupon Date field (Errors/Warnings column). If the value in the Last Coupon Date field and Valid Last Normal Coupon Date (tag 2311) field do match, the system does not generate an error message. 

Valid Last Normal Coupon Date

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.