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Excel PRICEMAT Function

Author: Sun Last Modified: 2022-02-18

doc workday.intl function 1

If you want to follow along with this tutorial, please download the example spreadsheet.
doc workday.intl function 1

Description

The PRICEMAT function returns the price per $100 face value of a security that pays interests at maturity.

Syntax and arguments

Formula syntax

PRICEMAT(settlement, maturity, issuerate, yld, [basis])

Arguments

  • Settlement: Required, the settlement date of the security. The settlement date is the date that the security is traded to buyer after the issue date.
  • Maturity: Required, the maturity date of the security. The maturity date is the date that the security expires.
  • Issue: Required, the date of the security issues.
  • Rate: Required, the interest rate of the security at date of issue.
  • Yld: Required, the annual yield of the security.
  • Basis: Optional, the type of day count basis to use. Default, it is omitted.

Basis Day Count
0 or omitted US (NASD) 30/360
1 Actual/actual
2 Actual/360
3 Actual/365
4 European 30/360

Return Value

The PRICEMAT function returns a numeric value.

Errors

1. If the argument settlement, maturity and issue are not valid dates, such as are the non-numeric value, or the dates that are earlier than 1/1/1900, the function will return an error value #VALUE!.

2. If the argument basis is out of range (0-4), the function will return an error value #NUM!.

3. If the argument either or both of rate and yld < 0, the function will return an error value #NUM!.

4. If the argument settlement date is later than the maturity date, the function will return an error value #NUM!.

Remarks

1. In Excel, dates are stored as serial number. Default, 1/1/1900 is the 1990 date system which means that 1/1/1900 is the first valid day in Excel and stored as number 1 in Excel. So 1/1/2021 is stored as number 44197.

2. Argument settlement, maturity and issue are truncated to integers. If the arguments include time, the time will be ignored.

3. PRICEMAT is calculated as follows:
doc workday.intl function 1

B: number of days in a year, which depends on the basis you use in the function.

DIM: number of days from issue date to maturity.

DSM: number of days from settlement to maturity.

A: number of days from issue to settlement.

Version

Excel 2003 or later

Usage and Examples

Example: basic usage

For instance, the range B3:C8 lists all information about a security.

Now to calculate the bond price based on the given information, please use the formula as this:

=PRICEMAT(C4,C5,C3,C6,C7,C8)

Press Enter key to get the result.
doc workday.intl function 1


Relative Functions:

  • Excel COUPDAYBS Function
    The COUPDAYBS function returns the number of days between the beginning of the coupon period and its settlement date.

  • Excel ACCRINT Function
    The ACCRINT function returns the accrued interest on periodic interest-paying securities.

  • Excel ACCRINTM Function
    The ACCRINTM function returns the accrued interest for a security that pays interest at maturity.

  • Excel AMORDEGRC Function
    The AMORDEGRC function returns the linear depreciation of an asset for each accounting period by applying a depreciation coefficient based on the lifetime of the assets.


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