Commercial Papers and Certificates of Deposit - day count and when does interest start to accrue

Dear All,

Firstly, my sincere apologies if does not belong in this section.

I am writing with regards to MMI's.

Could someone tell me if the day count fraction on these is always ACT/360?

I have checked a number of base prospectuses and it suggests so, however I was wondering if anyone had something definitive they could share?

I am learning about these, albeit slowly and was hoping someone could confirm this. Also, do they always start to accrue interest from date of issuance?

Any help is greatly appreciated.

Best Regards,


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