|Payments Market family|
|Functions that project discrete amounts at certain times, where missing values are read off a forecast.|
|Description: Project payments that determine their amount with reference to a market forecast|
|Introduction: This family has just a few functions in it, and its aim is to do the various things that the Payments family does, but allow for the fact that sometimes you don"t have a fixed value for a payment, and you would want the function to look up the value off a forecast or a market rate. |
The difference between functions in this family, like MkPmtsFcstMkt, and functions in the Payments family, like MkPmtsFcst, is that in the Payments family the value of the payment is definitely read off the forecast, whereas in the Payments Market family the value of the payment is only read off the forecast if one or more of the Pmts is left blank - so it is like the function defaults to the market forecast, but you can input a specific payment instead. Note that this means the functions are particularly sensitive to zero rates (they will default to market if they see zero), so if you want to genuinely input a zero rate, make it instead a very small number (eg 1e-9).
The basic functions are MkPmtsGrowMkt and MkPmtsFcstMkt, depending on whether you want to use the a set forecast or a market rate and some growth rates.
To this are added two periodic functions (see the Payments Periodic family for more on periodic functions), MkPmtsPerGrowMkt and MkPmtsPerFcstMkt.
The way the function works, with regards to inserting market defaults where there are gaps in the Pmts, is similar to that used in those functions that deal with rates rather than one-off payments, such as in the Constant Rate Market family and the Stepped Rate Market family: if a blank or zero payment is found where there is a corresponding non-zero and non-blank date, the value of that payment is read off a forecast (so be careful if you want to blank out a payment - you have to blank out the date as well or the function will make up a payment for you).
|Functions in the Payments Market family (4)|