Meaning and example
Accrued coupon income, or ACI, is the portion of a coupon accrued after the previous payment up to a specified date. When a bond is purchased, it may be included in the settlement amount separately from the quoted clean price. The exact procedure, day-count basis and rules for the transfer of coupon rights depend on the instrument and the market.
If an educational bond has a face value of 1 thousand roubles and an annual rate of 8%, and the model uses 90 accrued days and a conventional 360-day basis, ACI is 20 roubles. This is an example with explicit assumptions, not a universal formula for every Russian bond.
What the amount does not guarantee
ACI is not an additional guaranteed profit for the buyer. The portion paid at purchase is usually offset by the corresponding coupon payment when the conditions are met, but expenses and risks remain. Before comparing prices, check whether the displayed figure is the clean price or the full amount including ACI, as well as the settlement date and the rules of the particular issue. Related reading: [accrued interest](/guides/accrued-interest/), [coupon](/glossary/kupon/) and [transaction settlements](/glossary/raschety-po-sdelke/).