Re: [Quantlib-users] Re: Bond class

[Ashish K. <ash...@3i...>]

Yep, using policy-based class design does make a lot of sense in this 
case. I've been reading the relevant chapters in "Modern C++ Design", 
and I'd say that this is a perfect case where they'd be useful.

> Given the variaties of bonds and bond-like instruments, building a class
> hierarchy via inheritance is one way: conventional, often leading to a
> big tree of classes which eventually becomes hard to manage. Consider
> Bond, FloatingBond, FixedCouponBond, StepupCouponBond,
> StepupFloatingBond, FixedCashFlowBond,...;
> Now add callable feature to each of them by subclassing (CallableBond,
> CallableFloatingBond, ...); 
> and make them all putable; 
> and make them all convertible; 
> and add sinking fund to them all;
> ... Any other features bankers may come along with;
>    
> You got an idea how the class tree will look like.
> 
> Another way is to adopt a generic concept of bond: a generic bond thinks
> a bond-like instrument of some composing policies: 
> a coupon policy including Fixed, Floating, Stepup, Custom; 
> a principal policy including Fixed, Amortized, Prepayed; 
> a callable policy with European, American, Bermudan; 
> a putable policy; 
> a conversion policy;
> a credit enhancement policy like sinking fund, collateralization;  
> ...
> So your convertible bond might look like this:
> FixedCouponPolicy fixedCpn;
> ConvertiblePolicy conv;
> GenericBond myPlainConverts(fixedCpn, conv);
> 
> This generic view might be more fitting for non-commercial,
> experimentory analysis package like QuantLib.
> 
> Best,
> -wujiang
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