Monroe 3180 ユーザーガイド
MONROE TRADER II
25
ODD COUPONS
Some bonds are issued with an :”odd first coupon”. This is a bond for which there is more (or less) than
one normal coupon period from issue date to the date of the first coupon payment. For example, a semi-
annual coupon is considered to be “short” if the first period is less than six months and “long” if more than
a six month period. Traditionally, when settlement occurs during the odd period (before the first coupon
payment), an odd coupon amount has been included in the invoice extension of accrued interest but not
in the price and yield calculations. The TRADER II can include the odd coupon period when computing
price, yield and accrued interest.
The following two graphics illustrate the long and short coupon periods:
Odd Long Coupon Period
Odd Short Coupon Period
Odd Coupon bonds are tested regularly by the U.S. Treasury and other Federal Agencies. These issuers
consider the odd period when computing price and yield as well as when extending the accrued interest.
For municipal securities, as required by MSRB, the odd period should not be considered when computing
price and yield but should be when calculating the accrued interest. Corporates presently follow the
accepted practice of municipals, however, a trend is starting whereby the Treasury method will be used.
Coupon
Coupon
Coupon
Anniversary
Anniversary
Anniversary
Date
Date
Date
Time
Issue/
1
st
Coupon
Date
Date
Settlement
Date
Coupon
Coupon
Anniversary
Anniversary
Date
Date
Time
Issue/
1
st
Coupon
Date
Date
Settlement
Date