Microsoft Office Tutorials and References
In Depth Information
Syntax
Syntax
TBILLYIELD(settlement_date,maturity_date,price_per_\$100_face_value)
The TBILLYIELD function returns the yield for a T-bill.
Using
Using ACCRINT
to Calculate Accrued Interest
If you are the original buyer of a bond and you buy that bond after the
issue date, the bond will have earned some accrued interest during that gap.
As the original buyer of the bond, you generally pay this interest back to
the issuer when you take possession of the bond. This basically simplifies
accounting for the issuer, which can issue identical payments at the next
coupon date without having to worry about dozens of different settlement
dates.
The ACCRINT function calculates this accrued interest.
ACCRINT oor ACCINTM
ACCINTM to Calculate Accrued Interest
Syntax
ACCRINT(issue,first_interest,settlement,rate,par,frequency,basis)
The ACCRINT function returns the accrued interest for a security that pays
periodic interest. This function takes the following arguments:
issue
issue This is the security s issue date.
first_interest
first_interest This is the security s first interest date.
settlement
settlement This is the security s settlement date. The security
settlement date is the date after the issue date when the security is
traded to the buyer. The ACCRINT function calculates the interest
that would have been earned between the issue date and the settlement
date.
rate
rate This is the security s annual coupon rate.
par
par This is the security s par value. If you omit par, ACCRINT
uses \$1,000.
frequency
frequency This is the number of coupon payments per year.
basis
basis This is the type of day count basis to use. You use 0 for U.S.
bonds.
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