Manuals/calci/YIELDMAT

YIELDMAT (Settlement,Maturity,Issue,Rate,Price,Basis)

• where $Settlement$ is security's settlement date (a date when coupon or a bond is purchased),
• $Maturity$ is security's maturity date (a date when coupon or a bond expires),
• $Issue$ is security's issue date (a date when coupon or a bond is issued),
• $Rate$ is security's annual coupon rate,
• $Price$ is the price per $100 face value,
• $Basis$ is the type of day count basis to use.

• • YIELDMAT(), returns the annual yield of a security that pays interest at maturity.

Description

YIELDMAT (Settlement,Maturity,Issue,Rate,Price,Basis)

• YIELDMAT is the percentage annual yield on security that pays interest at maturity.
• $Settlement$, $Maturity$ and $Issue$ dates should be entered either in 'date format' or 'dates returned using formulas'. If dates are not valid, Calci displays #N/A error message.
• Dates should satisfy the following condition:- $Maturity$ > $Settlement$ > $Issue$, else Calci displays #N/A error message.
• $Rate$ value must be greater than or equal to zero, else Calci displays #N/A error message.
• $Price$ value must be greater than zero, else Calci displays #N/A error message.
• $Basis$ value is optional. If omitted, Calci assumes it to be 0.

Below table shows the use of $basis$ values:

Basis	Description
0	US (NASD) 30/360
1	Actual/actual
2	Actual/360
3	Actual/365
4	European 30/360

• If $Basis$ value is other than 0 to 4, Calci displays #N/A error message.

Examples

YIELDMAT (Settlement,Maturity,Issue,Rate,Price,Basis) function with inputs in order is calculated as follows:

1/2/2010
1/2/2012
12/1/2009
5.5%
$100
0

=YIELDMAT(A1,A2,A3,A4,A5,A6) : Calculates the percentage annual yield with the inputs in the range A1 to A6. Returns 5.47% as a result.

=YIELDMAT(DATE(2007,1,1), DATE(2008,2,20), DATE(2006,10,15), "5%", 100) : Calculates the percentage annual yield with the inputs. 
Returns 4.95% as a result.

Related Videos

YIELDMAT

See Also

• YIELD
• YIELDDISC

References

• Yield
• Yield to Maturity
• Basis Convention

• List of Main Z Functions

• Z3 home