Interest rate

Returns the interest rate for a fully invested security. The interest rate is the percentage value that is multiplied by the principal to determine the amount of interest due or paid in a given period of time.

Syntax

Intrate <Basis> (Settlement, Maturity, Investment, Redemption)

Where:

Settlement is the settlement date. This is the date, after issue, on which the security is traded.

Maturity is the maturity date. This is the date on which the security expires.

Investment is the amount invested in the security.

Redemption is the amount actually received for the security.

Basis is a parameter that indicates the time-count basis to be used. The default value for Basis is 0, which is typically used by American agencies and assumes 30-day months and 360-day years (30/360). Possible values for this parameter are listed in the following table.

Basis value	Application
0 (30/360)	Assumes 30 days in each month, 360 days in each year.
1 (actual/actual)	Assumes actual number of days in each month, actual number of days in each year.
2 (actual/360)	Assumes actual number of days in each month, 360 days in each year.
3 (actual/365)	Assumes actual number of days in each month, 365 days in each year.
4 (30/60)	Used by European agencies, assumes the same values as “0” for American institutions.

Expression

Where:

Redemption is the amount actually received for the security

Investment is the amount invested in the security

B is the number of days in a year, depending on year basis

DIM is the number of days from settlement to maturity

Usage Notes

The Settlement date and the Maturity date should be included within single quotations in the expression for the expression to be considered as a valid expression.