Debt Capital Markets · glossary
A day when T2, the euro payment system, is open, and banks are open in London and where payment is claimed. A payment due on any other day waits for the next Business Day, with no extra interest, as on Saturday 15 September 2029. Condition 5.3, “Business Day” · Chapter 3
Explained in Chapter 3, The Terms and Conditions: Status, Interest, Payments and Tax, of Debt Capital Markets.
The main page for this term is Business Day / TARGET Day, in Finance Deals & Syndicated Lending.
A Business Day is a day when T2, the euro payment system, is open. Banks must also be open in London and in the place where payment is claimed. Money cannot move on a closed day, so the clause settles the answer in advance. The words “no further interest” mean holders get nothing for the wait.Read Chapter 3, The Terms and Conditions: Status, Interest, Payments and Tax →
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a day on which T2 is open and commercial banks are open for general business in London and in the place of presentation.Read the definition in the document →
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