Friday, May 4, 2012
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Indian Real Estate News
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By convention, these are instruments having a maturity exceeding one year. The main instruments are Government of India dated securities (GOISEC), State Government securities (state loans) public sector bonds (PSU bonds), corporate debentures etc.
Most of these are coupon bearing instruments ie interest payments (called coupons) are payable at pre specified dates called "coupon dates". At any given point of time, any such instrument has a certain amount of accrued interest with it ie interest which has accrued (but is not due) calculated at the "coupon rate" from the date of the last coupon payment. eg if 30 days have elapsed from the last coupon payment of a 14% coupon debenture with a face value of Rs 100, the accrued interest will be
100*0.14*30/365 = 1.15
Whenever coupon-bearing securities are traded, by convention, they are traded at a base price with the accrued interest separate - in other words, the total price would be equal to the summation of the base price and the accrued interest.
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