IRS Questions
For a 4 month initial stub on 3 month periods (say it's qm3), is this considered a long initial stub (4 months) or a short initial stub (1 month)? Or can it be either?
Does it mean a long initial stub accrues 4 months of interest that pays only at the end of the first 3 month period? And the short initial accrues and pays 1 month of interest before accruing and paying the 3 months so there are 2 payments?
Also what are the vanilla IRS conventions or most common - ie sb3s or sb6s? ann1s, qm3s?
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