Lockout
Freezes the overnight rate for the final specified days of an accrual period using an earlier observed rate.
Market use
Designed to make payment amounts knowable before settlement.
What it means
Freezes the overnight rate for the final specified days of an accrual period using an earlier observed rate.
Example
It changes the rate observation pattern for the lockout days.
How to interpret it
This concept should be read together with its market convention, measurement horizon and underlying instrument. BondStats presents it as an analytical reference rather than investment advice; instrument documentation and primary market rules remain authoritative.
Related Conventions
BondStats reference content is independently written. Mathematical relationships, abbreviations and market conventions are presented for educational and analytical use.