Support exact bond redemption and default settlement

src/quant_execution/ledger.py

@@ -1727,7 +1727,8 @@ def _validate_corporate_action(self, event: CorporateActionEvent) -> None:
         spec = self._spec(event.instrument_id)
         if event.action_type == "terminal_cash":
             if (
-                spec.asset_class not in {AssetClass.EQUITY, AssetClass.ETF, AssetClass.OPTION}
+                spec.asset_class
+                not in {AssetClass.EQUITY, AssetClass.ETF, AssetClass.OPTION, AssetClass.BOND}
                 or event.ratio is None
                 or event.ratio.units != 0
                 or event.cash_amount is None

tests/test_bond_terminal.py

@@ -0,0 +1,70 @@
+from dataclasses import replace
+from datetime import datetime, timezone
+from decimal import Decimal
+
+import pytest
+from quant_data_kit import AssetClass, CorporateActionEvent, MarkPriceEvent
+
+from quant_execution.contracts import Fill, Side
+from quant_execution.derivatives import fp
+from quant_execution.ledger import ExactAccountLedger
+from quant_execution.us_cash import instrument
+
+
+@pytest.mark.parametrize("payout", ["0", "40", "102.125"])
+def test_bond_redemption_and_default_balance_and_idempotency(payout):
+    at = datetime(2025, 1, 1, tzinfo=timezone.utc)
+    spec = replace(
+        instrument("BOND", "BOND", at),
+        asset_class=AssetClass.BOND,
+        product_type="convertible",
+        metadata={"research_delivery": "true"},
+    )
+    ledger = ExactAccountLedger(
+        account_id="test",
+        base_currency="USD",
+        instruments={"BOND": spec},
+        initial_cash={"USD": fp(1000)},
+        opened_at=at,
+    )
+    fields = {
+        "instrument_id": "BOND",
+        "event_time": at,
+        "received_at": at,
+        "available_at": at,
+        "source": "fixture",
+        "trading_day": at.date(),
+        "session_id": "test",
+        "sequence": 0,
+    }
+    ledger.mark(MarkPriceEvent(**fields, event_id="mark", price=fp(100)))
+    ledger.apply(
+        Fill(
+            fill_id="fill",
+            order_id="order",
+            account_id="test",
+            strategy_id="test",
+            instrument_id="BOND",
+            side=Side.BUY,
+            quantity=fp(3),
+            price=fp(100),
+            event_time=at,
+        )
+    )
+    event = CorporateActionEvent(
+        **fields,
+        event_id="redemption",
+        action_type="terminal_cash",
+        effective_date=at.date(),
+        ratio=fp(0),
+        cash_amount=fp(payout),
+        currency="USD",
+    )
+    ledger.apply(event)
+    count = len(ledger.transactions)
+    ledger.apply(event)
+    assert len(ledger.transactions) == count
+    assert ledger.snapshot().positions["BOND"].units == 0
+    assert ledger.snapshot().nav.to_decimal() == 700 + 3 * Decimal(payout)
+    for tx in ledger.transactions:
+        assert sum(p.amount.to_decimal() for p in tx.postings) == 0