PRICEMAT
What a security that pays its interest at maturity is worth per 100 of face value.
Group: Financial. Compatible with DAX.
Syntax
PRICEMAT ( <settlement>, <maturity>, <issue>, <rate>, <yld> [, <basis>] )| Parameter | Type | Description |
|---|---|---|
settlement | Date | The day the buyer takes the security over; later than its issue. |
maturity | Date | The day the security ends and its face value is repaid. |
issue | Date | The day the security was issued; before settlement. |
rate | Number | The coupon: the interest paid a year, as a decimal of the face value (0.04 for 4 %). |
yld | Number | The yield a year the buyer earns, as a decimal. |
basis | Whole number optional | The day count, by number: US 30/360 (0, when left out), actual/actual (1), actual/360 (2), actual/365 (3) or European 30/360 (4). |
Returns
Number. What the security costs, in percent of its face value.
Remarks
- The security pays all its interest at maturity. The price is that final payment discounted at simple interest from maturity to settlement, less the interest already accrued from the issue to settlement.
- The dates must come in the order issue, settlement, maturity; a coupon or yield below 0 is an error.
- The dates are taken as whole days. basis is rounded to a whole number first; outside 0 to 4 it is an error.
Examples
A note that pays at maturity
Issued 11 November 2007 at 6.1 %, bought 15 February 2008 at a 6.1 % yield, maturing 13 April.
EVALUATE
ROW (
"Price", PRICEMAT ( DATE ( 2008, 2, 15 ), DATE ( 2008, 4, 13 ), DATE ( 2007, 11, 11 ), 0.061, 0.061, 0 )
)| Price |
|---|
| 99.9844988755569 |