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Interest payments – How to calculate the days
| 07-03-2018 | Lionel Pavey | treasuryXL | LinkedIn
Business day conventions | Modified Following
Preceding – the first preceding day that is a business day
Following – the first following day that is a business day
Modified Following – the first following day that is a business day, unless the days falls in the next calendar month, in which case the date will be the first preceding day that is a business day
Furthermore reference will be made to the applicable currency calendar for determining non-working days. For EUR this would mean TARGET, for GBP this would mean London, for euro USD this would mean London and New York.
Calculation basis
Actual/360 (Money Market) – the coupon payment is calculated using the exact number of days in the period divided by 360. The start date is included in the calculation, but not the last day.
Actual/365 (Fixed) – the coupon payment is calculated using the exact number of days in the period divided by 365. The start date is included in the calculation, but not the last day
Actual/Actual (ISDA) – the coupon payment is calculated using the exact number of days, with the portion of days belonging in a non-leap year divided by 365 and the portion of days belonging in a leap year divided by 366. The start date is included in the calculation, but not the last day.
Actual/Actual (ISMA) – the coupon payment is calculated using the exact number of days divided by the length of the year, where the length of the year is equal to the number of days in the coupon period multiplied by the number of coupon periods in the year.
30/360 (Bond basis) – the coupon is calculated over 30 days for every full calendar month and the actual number of days for the remaining fraction of a month, divided by 360.
30/360E (Eurobond basis) – the coupon is calculated on the basis of a year of 360 days with 12 30-day months, unless the end date is the last day of February, which is not lengthened to a 30-day month.
Coupon calculation conventions
Adjusted – Interest is calculated on the effective payment date adjusted for the business day
Unadjusted – Interest is calculated on the theoretical payment date, regardless of the effective payment date.
If you are interested to know what the effect of these changes can be on a coupon payment and calculation, please contact us for more detailed information.
Lionel Pavey
Cash Management and Treasury Specialist
Your new home for fixed income
07-03-2022 | treasuryXL | Refinitiv | LinkedIn | Your new home for fixed income
Live Webinar on March 10: A to Z of Secure Corporate Treasury Payments
03-03-2022 | treasuryXL | Aico | LinkedIn |
Ensuring manual payments are secure is a common concern for treasury, internal controls teams, and accounts payable process owners. While for some companies, manual payments cases are few and far between, others perform regularly and in large amounts and thus are at high risk of mishandling funds. In this webinar we will present:
What are manual payments?
Manual payments are often required for one-time vendors, where they are not set up in your ERP system, but a payment needs to be made. Whilst these tend to be infrequent in nature, the process still needs to be carefully managed to ensure internal controls are applied, and the risk of errors or even fraud is minimised.
The Aico solution provides a Manual Payments module to fully support this process, and in this Webinar, we will show you:
Webinar presenters:
Sarah Bellerby, Solutions Consultant at Aico
As a qualified accountant with a background in Audit, Sarah started her career working in organisations with extremely manual and fragmented processes. For the past 10 years, Sarah has been driven by her passion for identifying and implementing intelligent solutions to streamline financial processes, mitigate risk and increase compliance. For the past 2 years, Sarah has been working specifically in the Record to Report arena, supporting customers in their Finance Transformation projects to implement intelligent financial close automation solutions.
Shivam Dosa, Head of Service Delivery at Aico
An ACCA qualified accountant with a passion for RPA and improving productivity in the workplace by utilising technology. Shiv has a broad background, spanning from working in Corporate Finance to Financial Control to Project Implementations, This experience has given him a solid foundation for Financial Close Automation within Aico.
About Aico
We help enterprises simplify financial close and record-to-report (R2R) accounting processes. The result is less manual work and faster period-end financial reporting with the assurance of compliance and data accuracy.
Our software platform includes solutions for the key R2R processes – Account Reconciliation, Closing Task Management, Journal Entries, Intercompany Invoicing and Manual Payments.
Unique real-time integration to multiple ERP systems brings increased automation levels and reduces IT system complexity to our customers.
With teams and a network of partners across EMEA, we deliver high-complexity projects for enterprises with a global footprint.
Visit aico.ai for more information about Aico.
Visit Aico resource library for eBooks and webinars on R2R and financial close best practices.
Join us on LinkedIn.