Non-standard bonds

A non-standard bond is deemed to be one that has a non-standard first or last interval, so that the period between issue and the first coupon, or between the last coupon and the maturity payment, is different to the usual coupon period.

Such securities are treated as ordinary bonds by FIA, and should be assigned a BOND or PERTURBATIONAL_BOND type. While the non-standard coupon will result in a different price, the effect will be on the bond's return is typically negligible, since the same non-standard effects apply over successive time intervals.