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discount basis |
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| For a security such as commercial paper that is sold on a discount basis, true interest cost is the coupon rate required to provide an identical return assuming a coupon-bearing instrument of like maturity that pays interest in arrears. For a security such as commercial paper that is sold on a discount basis, true interest cost is the coupon rate required to provide an identical return assuming a coupon-bearing instrument of like maturity that pays interest in arrears. The notes are issued on a discount basis, but if any note is not paid on its expected payment date, it will be converted to an interest-bearing note, called an Extended Note and be due by its maturity date, which is 390 days from the issuance date. |
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discount basis
