Policy clause
"No bond maturing after a stated year": how to write it, test it and evidence it
A final-maturity limit keeps every bond inside the horizon the policy plans for. It is a test on each holding, not an average: one bond past the date breaks it. Acclimetry expresses it as an eligibility test on a governed maturity-year field and withholds a clean reading while any bond lacks that field.
No bond may be held with a final maturity after 2040.
eligibility_testQuestions to settle before it can be tested
- Which date: final maturity, first call date, or expected life for amortising and asset-backed bonds? The field must hold the one the policy means.
- Perpetuals: they never mature. Give them a value that fails, such as 9999, or they leave the rule not evaluated.
- After 2040: is 2040 itself allowed? State the last permitted year.
- Bond funds: the test reads holdings, not the bonds inside a fund.
As a testable rule
Eligibility test template named Final maturity 2040 or earlier, one predicate: field MATURITY_YEAR at most 2040, with equities and cash exempt. Any failing bond is a breach whatever its weight, and the weight is reported for materiality. A bond missing the field is a coverage gap, never a pass.
A testable wording
No bond may be held whose final maturity date falls after 31 December 2040. Perpetual bonds are not permitted, and bonds inside pooled funds are not tested.
The eligibility tests page covers the operators; the same template handles rating, listing and domicile tests.
Worked example
A corporate bond maturing in 2043 fails the test: a breach at 7% of the 5m portfolio, while the other bonds pass.
Rule template:eligibility_test testName: Final maturity 2040 or earlierpredicates: attribute=field:MATURITY_YEAR, operator=lte, value=2040, label=Final maturity in 2040 or earlierexemptClassNames: Equities, Cash
| Holding | Class | Market value | MATURITY_YEAR |
|---|---|---|---|
| UK Treasury 2032 | Government bonds | 1,200,000 | 2032 |
| UK Treasury 2039 | Government bonds | 900,000 | 2039 |
| Corporate 4.75% 2036 | Corporate bonds | 800,000 | 2036 |
| Corporate 5.25% 2043 | Corporate bonds | 350,000 | 2043 |
| Global equity fund | Equities | 1,500,000 | (blank) |
| Cash | Cash | 250,000 | (blank) |
| Group | Status | Value | Bounds | Headroom to the hard bound | Code |
|---|---|---|---|---|---|
| Final maturity 2040 or earlier | Breach | 7% | – | – | INELIGIBLE_HOLDING_PRESENT |
INELIGIBLE_HOLDING_PRESENT: At least one holding failed an eligibility predicate the mandate requires.
Largest contributors: Final maturity 2040 or earlier → Corporate 5.25% 2043 7%
Computed at build time by the Acclimetry rule engine (backend commit 8197063); the same code runs in the product.
What each monitoring run records
Each run stores the state, reason code, the weight of ineligible holdings and the failing bonds with the predicate they failed. A clean reading is recorded only when every measured bond carried the field. A breach opens a case, which stays open until the bond is sold; a time-bound waiver can cover it meanwhile.