Tenor
Key Tenor in Term Rate refers to the rate's "spanning period" Δ that - in a given context - implies the "spanning time interval" [T₁,T₂], as described at Term Rate
The exact start and end dates of that interval are also determined by the settlement conventions defined in Settlement
Expects an object of type Step.
A special case applies in the context of a Ibor Rate of which the Ibor Type is an overnight index, such as Sofr
Then a tenor that exceeds 1 day is allowed, but it then carries the interpretation that the corresponding overnight rate is meant to be compounded over the given term.
Another special case applies in the context of OI Term Rate where the tenor can be left undefined with the meaning that Δ becomes context-dependent and is assumed to equal the applicable accrual period where the rate here is used.
This is - for example - the case of OI Term Rate used as the floating index in an OIS, where it is often desirable that the respective overnight index is compounded over a spanning period that matches (exactly or approximately) the corresponding accrual period of a given floating leg.