Every term is defined twice: once the way a filing would put it, and once the way somebody would explain it to you across a table. The second one is usually the one that sticks.
Showing 2 terms
Interest a bond has earned since its last payment date but not yet paid out, which belongs to the seller when the bond changes hands between payments.
Where the quoted price includes it, the chart climbs gently between payments and steps down by a whole coupon at each one — a sawtooth that is a calendar, not a fall. Where it does not, the buyer pays it on top of the screen price.
Arranging the figures that get published on the reporting date — typically repaying borrowings shortly before it — so the closing position reads better than the position carried through the year.
Debt on one date can be arranged; twelve months of accrued interest cannot. An implied borrowing rate far above the rates printed in the borrowings note is how the gap shows.