WorksheetFunction.PriceMat Method
Definition
Important
Some information relates to prerelease product that may be substantially modified before it’s released. Microsoft makes no warranties, express or implied, with respect to the information provided here.
Returns the price per $100 face value of a security that pays interest at maturity.
public double PriceMat (object Arg1, object Arg2, object Arg3, object Arg4, object Arg5, object Arg6);Public Function PriceMat (Arg1 As Object, Arg2 As Object, Arg3 As Object, Arg4 As Object, Arg5 As Object, Optional Arg6 As Object) As DoubleParameters
- Arg1
- Object
Settlement - the security's settlement date. The security settlement date is the date after the issue date when the security is traded to the buyer.
- Arg2
- Object
Maturity - the security's maturity date. The maturity date is the date when the security expires.
- Arg3
- Object
Issue - the security's issue date, expressed as a serial date number.
- Arg4
- Object
Rate - the security's interest rate at date of issue.
- Arg5
- Object
Yld - the security's annual yield.
- Arg6
- Object
Basis - the type of day count basis to use.
Returns
Remarks
Important: Dates should be entered by using the DATE function, or as results of other formulas or functions. For example, use DATE(2008,5,23) for the 23rd day of May, 2008. Problems can occur if dates are entered as text.
| 0 or omitted | US (NASD) 30/360 |
| 1 | Actual/actual |
| 2 | Actual/360 |
| 3 | Actual/365 |
| 4 | European 30/360 |
Microsoft Excel stores dates as sequential serial numbers so they can be used in calculations. By default, January 1, 1900 is serial number 1, and January 1, 2008 is serial number 39448 because it is 39,448 days after January 1, 1900. Microsoft Excel for the Macintosh uses a different date system as its default.
The settlement date is the date a buyer purchases a coupon, such as a bond. The maturity date is the date when a coupon expires. For example, suppose a 30-year bond is issued on January 1, 2008, and is purchased by a buyer six months later. The issue date would be January 1, 2008, the settlement date would be July 1, 2008, and the maturity date would be January 1, 2038, which is 30 years after the January 1, 2008, issue date.
Settlement, maturity, issue, and basis are truncated to integers.
If settlement, maturity, or issue is not a valid date, PriceMat returns the #VALUE! error value.
If rate < 0 or if yld < 0, PriceMat returns the #NUM! error value.
If basis < 0 or if basis > 4, PriceMat returns the #NUM! error value.
If settlement ≥ maturity, PriceMat returns the #NUM! error value. PriceMat is calculated as follows:
Figure 1: Equation for PriceMat method
where:
B = number of days in year, depending on year basis.
DSM = number of days from settlement to maturity.
DIM = number of days from issue to maturity.
A = number of days from issue to settlement.