Finance Deals & Syndicated Lending · glossary
A TARGET day is a day when T2, the euro payment system run by the central banks of the euro area, is open to settle payments. Euro loan agreements count payment dates and deadlines in these days. T2 closes on Saturdays, Sundays, New Year's Day, Good Friday, Easter Monday, 1 May, Christmas Day and 26 December.
The days on which the agreement's short deadlines count. A Sunrise Business Day must be a day when banks are open in London, and also a TARGET Day, when the euro payment system is open. So count deadlines by the definition, not the calendar. Definition: Business Day · Definition: TARGET Day · Chapter 5
Explained in Chapter 5, Anatomy of a Facility Agreement, of Finance Deals & Syndicated Lending.
Also explained in Debt Capital Markets.
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a day (other than a Saturday or Sunday) on which banks are open for general business in London and which is a TARGET Day;Read the definition in the document →
Days on which T2 is open for euro payments. A loan's business day for a euro payment is often a day that is both a TARGET day and a day banks are open in London, as in this edition's training agreement.
The short name for a TARGET day: any day T2 is open. A UK bank holiday can still be a TARGET day, so a loan that needs both tests counts only the days that pass both.
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