July 2011
Beginner
288 pages
7h 22m
English
Content preview from BOND MATH: The Theory Behind the FormulasBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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Money Market Add-on Rates
There are two distinct ways that money market rates are quoted: as an add-on rate and as a discount rate. Add-on rates generally are used on commercial bank loans and deposits, including certificates of deposit, repos, and fed funds transactions. Importantly, LIBOR is quoted on an add-on rate basis. Discount rates in the U.S. are used with T-bills, commercial paper, and bankers acceptances. However, there are no hard-and-fast rules regarding rate quotation in domestic or international markets. For example, when commercial paper is issued in the Euromarkets, rates typically are on an add-on basis, not a discount rate basis. The Federal Reserve lends money to commercial banks at its official “discount rate.” That interest ...
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