ACCRINT

ACCRINT

Returns the accrued interest for a security that pays periodic interest.

If this function is not available, run the Setup program to install the Analysis ToolPak. After you install the Analysis ToolPak, you must enable it by using the Add-Ins command on the Tools menu.

Syntax

ACCRINT(issue,first_interest,settlement,rate,par,frequency,basis)

Issue   is the security's issue date.

First_interest   is the security's first interest date.

Settlement   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.

Rate   is the security's annual coupon rate.

Par   is the security's par value. If you omit par, ACCRINT uses $1,000.

Frequency   is the number of coupon payments per year. For annual payments, frequency = 1; for semiannual, frequency = 2; for quarterly, frequency = 4.

Basis   is the type of day count basis to use.

Basis

Day count basis

0 or omitted

US (NASD) 30/360

1

Actual/actual

2

Actual/360

3

Actual/365

4

European 30/360


Remarks

  • If any argument is nonnumeric, ACCRINT returns the #VALUE! error value.
  • Issue, first_interest, settlement, frequency, and basis are truncated to integers.
  • If issue, first_interest, or settlement is not a valid date, ACCRINT returns the #NUM! error value.
  • If coupon £ 0 or if par £ 0, ACCRINT returns the #NUM! error value.
  • If frequency is any number other than 1, 2, or 4, ACCRINT returns the #NUM! error value.
  • If basis < 0 or if basis > 4, ACCRINT returns the #NUM! error value.
  • If issue ³ settlement, ACCRINT returns the #NUM! error value.
  • ACCRINT is calculated as follows:

    where:

    Ai = number of accrued days for the ith quasi-coupon period within odd period.

    NC = number of quasi-coupon periods that fit in odd period. If this number contains a fraction, raise it to the next whole number.

    NLi = normal length in days of the ith quasi-coupon period within odd period.

Example

A treasury bond has the following terms:

February 28, 1993, issue date
August 31, 1993, first interest date
May 1, 1993, settlement date
10.0 percent coupon
$1,000 par value
Frequency is semiannual
30/360 basis

The accrued interest (in the 1900 date system) is:

ACCRINT("2/28/93","8/31/93","5/1/93",0.1,1000,2,0) equals 16.94444