Business days are the working days throughout the year when banking or finance-related business can occur. Non-business days are weekends and holidays.

T-REX allows users to select the calendar from which the deal should follow. There are pre-built calendars on T-REX or a user can create/edit a new calendar. Additionally, the user can select an adjustment method which is the logic for skipping non-business days.

After selecting a calendar and adjustment method, the platform automatically calculates the actual payment day for each period and interest payments.

Calendar selection:

The new fields are located under the portfolio tab in portfolio settings. 

Portfolio  → Portfolio settings:

The user selects which calendar to follow. Some pre-built options include the United States (Bank of New York), NYSE, Canada, Luxembourg, and more.

There is also an option to create a combined calendar by selecting several calendars.

View Calendar:

Once the user chooses the desired calendar and saves it, he can click “View Calendar” and view the holidays throughout the deal's life.

Create a new Calendar:

See “Custom Calendar”

Business Days Adjustment Method:

The user selects an adjustment method. These options dictate what to do when a payment falls on a non-business day (holiday or weekend).

Adjustment methods:

  • No adjustment - The event in question is maintained, even if it is a non-business day.
  • Previous - The event in question is moved to the immediately preceding business day.
  • Following - The event in question is moved to the immediately following business day.
  • Modified Previous - The event in question is moved to the immediately preceding business day, provided the latter is not in a different calendar month.
  • Modified Following - The event in question is moved to the following business day immediately, provided the latter is not in a different calendar month.

After selecting the calendar and adjustment method, the deal timeline will be updated automatically, and the new distribution dates and interest calculations will be shown in the cash flow reports.

New variable to DE "accrual_days":

In addition, there is also an option to view each tranche’s accrual days for each period, which depends on it’s day-count with a new variable in the dynamic expression.

Custom Calendar

Users who model a deal in TRA are able to customize the calendar the deal follows. A custom calendar is a calendar that doesn’t come from official sources. 

We can create a custom calendar in two ways:

  1. Choosing a base calendar and then adding or removing holidays:
    1. First, we set the base calendar from the drop-down list on the Portfolio settings page.
    2. Click “Create New calendar” or “View Calendar,” and then “Create New calendar.”
  2. “Create New calendar” screen will open:

Here, we can change the base calendar, name the custom calendar, add a description,  and set the weekends.

Each holiday can be removed or edited:

  1. “Add holiday”- The user can add new holidays and set them as annually or not.
  2. Once the custom calendar is ready and saved, it is added to the calendar’s drop-down and can be used for that deal (note: a custom calendar can only be used on the deal it was created).
  3. Creating a whole new custom calendar:
    1. Without choosing a base calendar, by clicking “Create new calendar”, the same window will open (Section 1. c above).
    2. However, now it has no base calendar, and the user can add holidays and weekends and set a base calendar if needed.