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.