Investment Studio > Expressions > Functions > Financial > PRICEMAT
float pricemat(date settlement_date, date maturity_date, date issue_date, float interest_rate_at_issue, float annual_yield, integer day_count_basis = 0)
Returns the price of a security that pays interest at maturity (e.g. a zero-coupon bond). A face value of 100 is implied.
settlement_date is the date (>= issue_date) when the security is traded.
maturity_date is the date when the security expires.
issue_date is the date when the security was issued.
Automatic type conversion allows the use of date strings as arguments instead of explicit date values.
interest_rate_at_issue is the security's interest rate on the issue date.
annual_yield is the security's annual yield.
day_count_basis specifies the calendar convention used to count days and compute the corresponding fraction of a year:
| day_count_basis | Interpretation |
| 0 | US (NASD)
30/360: If the start date is the 31st of a month, it's
set to the 30th of the same month. If the end date is the
31st of a month, it's set to the 30th of the same month
unless the start date is less than the 30th of a month,
in which case the end date is set to the 1st of the next
month. The denominator used to compute the fraction of a year is 360. |
| 1 | Actual calendar days are counted and used to compute the fraction of a year. |
| 2 | Actual calendar days are counted. The denominator used to compute the fraction of a year is 360. |
| 3 | Actual calendar days are counted. The denominator used to compute the fraction of a year is 365. |
| 4 | European 30/360: Start and end dates that occur on the 31st of a month are set to the 30th of the same month. The denominator used to compute the fraction of a year is 360. |
If day_count_basis is omitted, it defaults to 0 (NASD-style 360/30).
Example
Consider a bond with the following properties:
Assuming standard US date format settings, the price is
=pricemat("6/15/2002", "10/30/2005", "11/1/1996", 6%, 7%)
» USD 90.82.