Monroe Trader III User manual

TABLE OF CONTENTS

Power-on “Let’s Get Started” page 1

General operations page 1

“Let’s run this thing”

entering number of bonds page 2

computing principal page 2

computing accrued interest page 2

with a concession <CONC> page 3

WINDOW operations

how they work page 3

opening/closing page 3

<CALL DATE> <CALL PRICE> page 4

computing days between all dates page 5

value of 5 different values page 6

value of any entry from .1 to 99.9 page 6

variance page 7

current yield page 8

duration to Calls & Maturity page 8

convexity to Calls & Maturity page 8

<AFTER TAX YIELD> & BEFORE TAX PRICE/YIELD

entering tax rates page 9

computing ATY to Calls & Maturity page 9

computing Before Tax Price & Yield page 10

saving issues (250 max.) page 11

deleting issue from screen page 12

deleting issue from SAVED memory page 12

a “commercial”

<CODE>

direct entry page 13

look-up all Codes in a List page 13

entry from List page 13

<SETTLEMENT DATE> page 14

<32nds>

converting 32nds to decimals page 15

automatic conversion of decimals to 32nds page 15

<DISPLAY> <32nds> from a decimal value page 15

<CODE> <6> STEPPED COUPON BONDS

message Window for entry of date & rate page 17

entry of Conversion Date & Conversion Rate page 17

<SAVE ISSUE> page 19

selecting one issue page 21

look-up all issues in a List page 21

<EXTENDED FNCT> <START SWAP/PRODUCTION> page 23

Re-pricing issues (one or a group) page 24

PRODUCTION - averages for a single group of issues page 25

SWAP - averages for two groups of issues page 26

SPECIAL SETUP FUNCTIONS: page

Date and Time <SETUP> or <SPCL FNCT> <1> <1> page 28

Calculator <SETUP> or <SPCL FNCT> <1> <2> page 29

Yield Display <SETUP> or <SPCL FNCT> <1> <3> page 31

Dollar Price <SETUP> or <SPCL FNCT> <1> <4> page 32

Price in 32nds <SETUP> or <SPCL FNCT> <1> <5> page 33

Mark Up/Down <SETUP> <SPCL FNCT> <1> <6> page 34

Days to Settle <SETUP> or <SPCL FNCT> <1> <7> page 35

Holidays <SETUP> or <SPCL FNCT> <1> <8> page 36

Issue Recall Settings <SETUP> or <SPCL FNCT> <1> <9> page 37

MAINTENANCE FUNCTIONS for Version 2.07 or higher:

Key History <SETUP> or <SPCL FNCT> <2> <1> page 38

Initial Unit <SETUP> or <SPCL FNCT> <2> <2> page 38

Unit Information <SETUP> <SPCL FNCT> <2> <3> page 39

Unit Serial Number

Software Version and Date

Software Options List <SETUP> <SPCL FNCT> <2> <4> page 40

BASIC CALCULATOR WINDOW:

Algebraic functions page 41

Dollar Price used in calculations page 42

Principal amount used in calculation page 44

Calculation used to compute a Yield page 45

GENERAL OPERATIONS

LET’S GET STARTED

Plug the BASYS POINT into the adapter and the wall outlet (of course). The

BASYS POINT is ON. There’s no on/off switch. The BASYS POINT turns off by

itself when it’s not being used. There is a “time out” option which you can adjust -

-- later.

If the screen is off, touch a key, it’s ON.

Let’s run this thing

See the CODE #, description and settlement date. You’re ready to calculate an

issue. Enter a coupon amount, the entry is shown on the ENTRY LINE (a clever

name) - which is the last line on the display. Press <COUPON> (these little

things < > mean a specific “KEY”.

Enter a maturity date <MATURITY DATE> (the old fashion way - MM.DDYY).

Notice the date - the century is displayed and so is the day of the week. Enter a

yield and press <TO PRICE>

There you have it - ALL OF IT!

PAGE 1

Enter a number of bonds (let’s use 100 for starters)

and press <PRINCIPAL/INTEREST>. A WINDOW opens.

As you can see the Number of bonds and the days of Accrued Interest are

displayed along with very readable dollar amounts. Could it get any easier?

PAGE 2

Entering a Concession <CONC>, i.e. 0.25 <CONC>

ENTER 100 BONDS <PRINCIPAL/INTEREST>

A word on the use of WINDOWs:

1. The <C/CE> will clear any WINDOW and return the screen to the status that

existed before the function key opened the WINDOW. The <C/CE> is the clear

key on the calculator pad.

2. Any other function key that opens a WINDOW will also close an existing

WINDOW and present the new WINDOW data.

PAGE 3

Now, with the original Issue on the screen (previous WINDOW cleared <C/CE>.),

let’s add two CALLs. The 1st call date and price will be entered on the <1ST

CALL DATE> (use 12.0100) and <1ST CALL PRICE> (use 102.000). A new line

will be shown above the MATURITY DATE line. Enter a second call <2ND CALL

DATE> (use 12.0108) and <2ND CALL PRICE> (use 100.000) All dates entered

are shown in chronological order regardless of the order of entry.

If you enter an illegal date (a date before the SETTLEMENT DATE or a date after

the MATURITY DATE, an error BEEP will be sounded and an error message will

appear in a small window. The data will not be accepted.

After both the date and price are entered the new YIELD to PRICE calculations

will occur automatically. Notice the lowest PRICE will be highlighted. And, hold

onto your hats, if the PRICE TO EITHER CALL is lowest the YIELD TO

MATURITY will be computed and displayed automatically in a WINDOW. We call

this window the “kicker window”.

The lowest price is used for the Principal & Interest extensions, Mark Up/Down,

After Tax Yields, etc.

The calculator will use the lowest price or yield (depending upon which was the

computed value) in any calculation performed after the Price/Yield computation.

The calculator results can also be re-entered into the Bond Trader as a Price or

Yield.

PAGE 4

<NUMBER OF DAYS> or Days Between Dates

Now, with the Issue plus Call data on the screen, let’s see how many days there

are between all the dates by pressing <NUMBER OF DAYS>. Any open

WINDOW will be cleared automa-tically when the new WINDOW opens.

The data in this WINDOW are self-explanatory. Yes?

Close the WINDOW by pressing <C/CE> or try without using the

<C/CE>.

PAGE 5

Mark Up calculates new prices for changes in yield. A List of basys changes is

stored in the Bond Trader which are used in performing this function when you

press . You can also enter the number of basys points and <MARK

UP>.

First, try just and the preset yield changes will compute up to 5

different prices, dollar price changes and dollar amounts for these changes.

“How did this happen?”, you ask. Well, the Setup List has up to five (5) preset

variables stored, one for each basys point level and yes, they are modifiable.

(Series 211 has only 1 stored variable)

You can also do a “Mark Down”. Press the <change sign> then the .

This will reverse the direction of the calculation and give a set of mark downs

with 5 basys point levels.

See the section on <SETUP/SPCL FNCT> for more information on setting this

value.

See Page 7 for another example

PAGE 6

Second, try <1> and the YIELD will adjust by 1 (one) basys point.

“How did this happen?”, you ask again. Well, in that Setup List with the preset

variables there is a thing called a VARIANCE which computes what you entered

(1 in this case) and adds the variance to it. Since the variance in this example

was set to 4 basys points, the mark up is computed to 1 and 5 basys points, and

yes, you can change it too. Of course, if your VARIANCE is set to zero then only

the basys entered is shown.

See the section on <SETUP/SPCL FNCT> for more information on setting this

value.

PAGE 7

Now, with an Issue on the screen, let’s compute the Current Yield, Duration and

Convexity. Once again hold onto your hats, because, we compute all these

things to both 1st Call, 2nd Call, and Maturity.

The Duration is displayed in YEARS (not periods).

PAGE 8

This Issue is a discounted bond with a Capital Gains Rate of 20.0% and an

Income Tax Rate of 0.0%. We compute the After Tax Yield. Once again if your

not holding on to your hats - do so because, we compute the After Tax Yield to

1st Call, 2nd Call, and Maturity.

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