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Thirty/Three Sixty (30/360)

Definition:

Day count convention for calculating interest accrued on corporate bonds, municipal bonds, and agency bonds in the U.S. Uses 30 days in a month and 360 days in a year for calculating interest payments. Also see Day count convention.

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Copyright © 2011 Campbell R. Harvey, Professor of Finance, Fuqua School of Business at Duke University

Term of the Day

Targeted Amortization Class (TAC) bonds

Bonds offered as a tranche class of some CMOs, according to a sinking fund schedule. They differ from PAC bonds whose amortization is guaranteed as long as prepayments on the underlying mortgages do... Read More

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