Time Events

D-ASA time events are time on which contractual events are due or on which cyclic events begin or end.

Primary Distribution

Debt instruments can be distributed on the primary market during the primary distribution.

The opening and closure dates define the primary distribution duration.

The D-ASA MUST have a primary opening (uint64) and closure date (uint64).

Issuance

Debt instruments start accruing interest on the issuance date.

The D-ASA MUST have an issuance date \([IED]\) (uint64).

Maturity

Debt instruments may have a maturity date, on which the principal is repaid and the contract obligations expire.

Debt instruments may have a fixed or variable maturity date.

The D-ASA MAY have a maturity date \([MD]\) (uint64).

The maturity date MAY be updated in case of early repayment options (see Early Repayment Options section).

Time Events Array

The D-ASA MUST define time events \([TEV]\) as uint64[] array, where:

• The length of the array MUST be:

  • N=K+4, if the D-ASA has a maturity date;
  • N=K+3, if the D-ASA has not a maturity date;

  with K equal to the total coupons.

• The first element MUST be the primary distribution opening date (uint64): the time at which the D-ASA primary distribution opens;

• The second element MUST be the primary distribution closure date (uint64): the time at which the D-ASA primary distribution closes;

• The third element MUST be the issuance date (uint64): the time at which D-ASA starts to accrue interest on the principal;

• If the D-ASA has a fixed number of coupons, then the next K-elements MUST be the coupon due dates \([IP]\) (uint64[K]): times at which the coupons mature and the interest payment \([IPPNT]\) can be executed¹. The first coupon due date corresponds to \([IPANX]\).

• If the D-ASA has unlimited number of coupons, then K MUST be 0 and coupons due dates \([IP]\) are managed with time periods (see Time Periods section).

• If the D-ASA has a maturity date, the last element MUST be the maturity date (uint64).

The time events MUST be sorted in strictly ascending order.

The time events MUST be defined as UNIX time, in seconds.

In the case of non-continuous day-count conventions (ID<255, see Day-Count Conventions section), the time periods between subsequent events MUST be multiples of a day, in seconds (86400)².

The time events MUST be set using the asset_config method.

📎 EXAMPLE

The following are valid time events (UNIX times):

uint64[] = [1704067200, 1735603200, 1767139200, 1798675200, 1830211200]

📎 EXAMPLE

The following are invalid (respectively unsorted and not-strictly sorted) time events (UNIX times):

uint64[] = [1830211200, 1704067200, 1735603200, 1767139200, 1798675200]

uint64[] = [1704067200, 1735603200, 1767139200, 1798675200, 1830211200, 1830211200]

📎 EXAMPLE

A D-ASA with K total coupons and a defined maturity date, has the following time events:

uint64[] = [primary_distribution_opening_date, primary_distribution_closure_date, issuance_date, cupon_due_date_1, ..., coupon_due_date_K, maturity_date]

📎 EXAMPLE

A D-ASA whose primary distribution lasts from December 1st, 2023 00:00:00 GMT+0 to December 15th, 2023 00:00:00 GMT+0, is issued on January 1st, 2024 00:00:00 GMT+0 and matures on January 1st, 2028 00:00:00 GMT+0, with 4 annual coupons, each paid on December 31st 00:00:00 GMT+0, has the following time events array (UNIX times):

uint64[] = [1701388800, 1702598400, 1704067200, 1735603200, 1767139200, 1798675200, 1830211200, 1830297600]

📎 EXAMPLE

A D-ASA whose primary distribution lasts from December 1st, 2023 00:00:00 GMT+0 to December 15th, 2023 00:00:00 GMT+0, is issued on January 1st, 2024 00:00:00 GMT+0 and matures on January 1st, 2028 00:00:00 GMT+0, with zero coupons, has the following time events array (UNIX times):

uint64[] = [1701388800, 1702598400, 1704067200, 1830297600]

📎 EXAMPLE

A D-ASA whose primary distribution lasts from December 1st, 2023 00:00:00 GMT+0 to December 15th, 2023 00:00:00 GMT+0, is issued on January 1st, 2024 00:00:00 GMT+0 and no maturity, with perpetual coupons, has the following time events array (UNIX times):

uint64[] = [1701388800, 1702598400, 1704067200]