Formulas and Functions Help
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PRICEMAT
The PRICEMAT function returns the price of a security that pays interest only at maturity per £100 of redemption (par) value.
PRICEMAT(settle, maturity, issue, annual-rate, annual-yield, days-basis)
settle: A date/time value or date string representing the trade settlement date, usually one or more days after the trade date. settle must be after the date specified for issue.
maturity: A date/time value or date string representing the date when the security matures. maturity must be after the date specified for settle.
issue: A date/time value or date string representing the date the security was originally issued.
annual-rate: A number value representing the annual coupon rate or stated annual interest rate of the security used to determine periodic interest payments. annual-rate must be greater than 0, and is entered as a decimal (for example, 0.08) or with a per cent sign (for example, 8%).
annual-yield: A number value representing the annual yield of the security. annual-yield must be greater than 0, and is entered as a decimal (for example, 0.08) or with a per cent sign (for example, 8%).
days-basis: An optional modal value specifying the number of days per month and days per year (days-basis convention) used in the calculations.
30/360 (0 or omitted): 30 days in a month, 360 days in a year, using the NASD method for dates falling on the 31st of a month.
actual/actual (1): Actual days in each month, actual days in each year.
actual/360 (2): Actual days in each month, 360 days in a year.
actual/365 (3): Actual days in each month, 365 days in a year.
30E/360 (4): 30 days in a month, 360 days in a year, using the European method for dates falling on the 31st of a month.
Notes
The currency shown in this function result depends on your Language & Region settings (in System Preferences in macOS 12 and earlier, System Settings in macOS 13 and later, and Settings in iOS and iPadOS).
Example |
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Suppose you are considering the purchase of a hypothetical security. The security was originally issued on 14 December 2008 (issue), matures on 30 June 2015 (maturity), pays interest only at maturity at an annual rate of 6.5% (annual-rate) on a 30/360 days basis (days-basis), and is said to yield 5.25% (annual-yield). Your purchase would settle on 1 May 2009 (settle). =PRICEMAT("01/05/2009", "30/06/2015", "14/12/2008", 0.065, 0.0525, 0) returns approximately 105.216355782734, which represents the price per $100 of face value that would be paid at the stated yield. |