[fadesibert]

BTW - the fictitious calendar is very often used in bond repayments - e.g. https://www.lawinsider.com/dictionary/bond-payment-dates

It has historically been used to allow for bonds to have uniform repayments across maturities (when the principal of a bond becomes due) - useful in the context of a bank wanting to hedge risks such as interest rate risk, repayment risk (if the bond is callable it can be paid back early, which means the bondholders have cash yielding ~0% instead of whatever the bond yield was)

Mortgages, though not traditional bonds (in that it's not a sophisticated company borrowing) are, depending on the jurisdiction, treated as bonds because they get packaged up and sold as bonds - the underlying bit of financial engineering that, after serious perversion, gave us the 2008 credit crisis

[throw0101d]

> BTW - the fictitious calendar is very often used in bond repayments - e.g. https://www.lawinsider.com/dictionary/bond-payment-dates

Some sample calculations at:

* https://www.bondsavvy.com/bonds/accrued-interest-calculation

See also perhaps:

* https://www.investopedia.com/terms/d/daycount.asp