- sd - Settlement date of the security.
- md - Maturity date of the security.
- id - Issue date of the security.
- rate - Security interest rate at date of issue.
- yld - Annual yield of the security.
- basis - [optional] Day count basis (see below, default =0).
The Excel PRICEMAT function returns the price per $100 face value of a security that pays interest at maturity. In the example shown, the formula in F5 is:
with these inputs, PRICEMAT returns a price for the bond of $93.09.
In Excel, dates are serial numbers. Generally, the best way to enter valid dates is to use cell references, as shown in the example. To enter valid dates directly inside a function, you can use the DATE function.
The basis argument controls how days are counted. The PRICEMAT function allows 5 options (0-4) and defaults to zero, which specifies US 30/360 basis. This article on Wikipedia provides a detailed explanation of available conventions.
|0 or omitted||US (NASD) 30/360|
- In Excel, dates are serial numbers.
- settlement, maturity, issue, and basis are truncated to integers.
- If any date is not valid, PRICEMAT returns #VALUE!
- rate and yield must be positive or PRICEMAT returns the #NUM!
- If basis is out-of-range, PRICEMAT returns #NUM!
- If maturity date is not later than settlement date, PRICEMAT returns #NUM!