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---
title: "ESMA Q&A 1690 — Q&A — Business Case: Inflation Indexed bond [Answer Published]"
shortTitle: "ESMA Q&A 1690 — Q&A — Business Case: Inflation Indexed bond [Answer Published]"
answer_id: ESMA_QA_1690
topic: "ESMA70-1861941480-56 Questions and Answers on MiFIR reporting"
status: "Answer Published"
type: qa
instrument_type: qa
authority: ESMA
binding: false
binding_character: non_binding
legal_status: in_force
regulation: "MiFIR"
mifir_level3: true
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legal_basis: "MiFIR"
date: 3 April 2017
source_link: https://www.esma.europa.eu/publications-data/questions-answers/1690
lifecycle: "Answer Published"
text_version: "ESMA Q&A register, 3 April 2017"
source_url: "https://www.esma.europa.eu/publications-data/questions-answers/1690"
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last_checked: 2026-10-26
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---

**Answer by ESMA, published in its Q&A tool · not legislation · published 3 Apr 2017 [Answer Published]**

*Answer Published · ESMA Q&A register, 3 April 2017 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1690)*

| | |
|---|---|
| **Full title** | ESMA Q&A 1690 — Q&A — Business Case: Inflation Indexed bond \[Answer Published\] |
| **Prepared by** | ESMA |
| **Published by** | ESMA, in the ESMA Q&A tool |
| **Reference** | ESMA_QA_1690 |
| **Document type** | Q&A |
| **Legal nature** | Not legislation |
| **Addressees** | Not stated in the document |
| **Dates** | Published 3 April 2017; question submitted 3 April 2017 |
| **Legal basis** | MiFIR |
| **Related instruments** | None recorded |
| **Text on this page** | Word for word — the full text of the ESMA publication |

**Business Case: Inflation Indexed bond**

### Question

How should transactions on “inflation indexed bonds” be reported under RTS 22?

***

### Answer

\[ESMA 70-1861941480-56 MiFIR data reporting Q&A, Q&A 10.1\]

Example of transaction report on “inflation indexed bonds”:

An investment firm acquires a DBRI 0.1% 04/15/2026 (ISIN Code DE0001030567) by trading over the counter at 110.00%. The nominal value of the transaction is 1000000 EUR.

The net amount for this transaction is 1111274.01 EUR.

Considering that for the purpose of this example:

The static characteristics (as defined upon the issue of the financial instrument) are:

Maturity Date: April 15th 2026

Coupon frequency: Annual

Day Count Convention: ACT/ACT

Day to Settle Convention: 2 business days after the trade date

The variables (dynamic characteristics depending on the market conditions) are:

Trade Date: July 25th 2016

Settlement Date: July 27th 2016 (as per the Day to Settle Convention)

Last Coupon Date: April 15th 2016

Next Coupon Date: April 15th 2017

Accrued number of days: 103 (i.e., the number of days between the Last Coupon Date and the Settlement Date)

Period basis: 365 (i.e., the total number of days between the Last Coupon Date and the Next Coupon Date)

Quantity: 1000000 (i.e., the nominal or monetary value of the transaction)

Clean price: 110.00

Index ratio: 1.009990

Accrued interest: 0.02821918 (i.e., Nominal Coupon / Annual Coupon Frequency x Accrued Number of Days / Period basis = 0.1/1 x 103/365 )

The net amount will be calculated as follows (pursuant to the formula provided in field 35 of RTS 22):

Net amount\[1\] = \[(Clean price x Nominal value) + (Accrued coupons x Nominal value)\] x Index ratio i.e. \[((110/100 x 1000000 EUR) + (0.02821918/100 x 1000000 EUR))\] x 1.009990 =1111274.01 EUR.

N

Field name

Values

XML representation

30

Quantity

‘1000000’

\<Tx\>

\<New\>

...

\<Tx\>

...

\<Qty\>

\<NmnlVal Ccy="EUR"\>1000000\</NmnlVal\>

\</Qty\>

\<Pric\>

\<Pctg\>110.00\</Pctg\>

\</Pric\>

\<NetAmt\>1111274.01\</NetAmt\>

\<TradVn\>XOFF\</TradVn\>

...

\</Tx\>

\<FinInstrm\>

\<Id\>DE0001030567\</Id\>

\</FinInstrm\>

...

\</New\>

\</Tx\>

\[1\] Please note that this example differs from example 92 within the Guidelines by the index ratio that needs to be taken into account in the calculation of the Net Amount.

***

**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1690)