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Financial function
PRICE
Returns the price per $100 face value of a bond.
Rarely usedDifficulty 1650 · ExpertUsage rank #485 of 520
When to use it
The price per 100 face value of a bond that pays periodic coupons, given its yield.
The shape of it
- Syntax
=PRICE(settlement, maturity, rate, yld, redemption, frequency, [basis])
Worked examples
Below par
=PRICE(DATE(2008,2,15),DATE(2017,11,15),0.0575,0.065,100,2,0) → 94.63
A 5.75% semiannual bond yielding 6.5% trades below par.
At par
=PRICE(DATE(2025,1,15),DATE(2035,1,15),0.05,0.05,100,2) → 100
Coupon equals yield, so the price is par.
Above par
=PRICE(DATE(2025,1,15),DATE(2035,1,15),0.05,0.04,100,2) → 108.18
A 5% coupon at a 4% yield trades above par.
Worth knowing
- Price and yield move in opposite directions; YIELD reverses this.
- Redemption is 100 for a normal bond.
- Frequency 2 for most US corporate and Treasury bonds.
Where it goes wrong
- #NUM! when settlement is on or after maturity or rate/yield are negative.
- Text dates return #VALUE!.
Related
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