|Posted: 24 Jun 2009 at 23:19 | IP Logged
Not sure if you have your terms correct, or if I'm misunderstanding, but this is the way I understand it. Bonds are "issued" first and "sold" at anytime after being issued.
If the bonds are sold (Aug 31) after they are issued (Apr 1), interest for the period from April 1 to Aug 31 must be calculated. In essence, the person buying the bonds will pay the interest up front that had accrued from the date of issuance. Then when the actual interest payment happens for all bond holders (usually every 6 months or a year on a designated date), the purchaser will get the entire interest payment (from April 1).
Hope my explanation isn't too confusing. If it is, let me know and I'll try a different approach. : )
REG 4/30/09 - 77
BEC 5/26/09 - 77
FAR 7/28/09 - 78
AUD 8/28/09 - 80