debt_srvc

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debt_srvc

debt_srvc (routine)

Calculates the total and average debt service values plus NIC, premium/ discount, bid/spread

Introduced in release: 1.0
Component: AIMR/Port/Cash flows
Purpose: This routines takes a bond maturity scale comprising an array of maturities, an array of par amounts, an array of prices, an array of accrued interests, and an array of coupon rates, and calculates several debt service values for that scale.

Results: There are 2 types of results from this routine: those that correspond to a particular maturity, and those that are totals and averages of the entire debt scale. The totals and averages are all contained in the debt_results array as follows:

  debt_results(1)  -> total par amount issued
  debt_results(2)  -> total maturity amount (different than par for zeros)
  debt_results(3)  -> total accumulated interest payments
  debt_results(4)  -> total bond years
  debt_results(5)  -> total production
  debt_results(6)  -> total accrued interest
  debt_results(7)  -> total debt service
  debt_results(8)  -> spread
  debt_results(9)  -> bid
  debt_results(10) -> average life
  debt_results(11) -> average coupon rate
  debt_results(12) -> premium (+) or discount (-)
  debt_results(13) -> net interest cost
  debt_results(14) -> change in net interest per dollar

The other arrays returned each have num_dsvs elements (at most 8), which represent each semi-annual debt payment from the first coupon date to the last maturity date. These arrays are as follows:

    bond_years -> bond years for each maturity
    prods -> production amounts for each maturity
    accints -> accumulated interest for each semi-annual payment period
    dsvs -> debt service for each semi-annual payment period

Please be aware that the bond_years and prods arrays only contain entries for each maturity, not necessarily every debt payment (that is, there are no entries in these array before the first maturity or in the alternating elements for an annual maturity scale.

Error Conditions: Returned values should be ignored for a non-zero status. See Errors.

Last Mod Date: 04/01/1992

Doc Version: 5.0