CALENDAR
Preceding Business Day
Moves a non-business date to the immediately preceding business day.
Market use
Used where documentation specifies backward adjustment.
What it means
Moves a non-business date to the immediately preceding business day.
Example
A Sunday date may move to Friday if Friday is eligible.
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.