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What does actual/365 mean?

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actual/365
Noun

The day-count convention the counts the actual number of days in the interest period divided by 365 or, if a leap year, 366, used for US T-notes and T-bonds, all bonds traded in the Common Wealth countries, Euro-denominated bonds and Eurobonds issued after 1999.

Synonym(s): 
  • ACT/ACT; ACTISDA; Act/Act (ISDA); Actual/Actual (ISDA); actual/actual.
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