MicroStrategy ONE

Price (Price Per $100 Face Value)

Returns the price, per $100 face value, on a security that pays periodic interest.

Syntax

Price <Basis> (Settlement, Maturity, CouponRate, YieldRate, Redemption, Frequency)

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.

CouponRate is the annual interest rate.

YieldRate is the annual yield.

Redemption is the redemption value per $100 of face value.

Frequency is the number of payments per year. The valid values are 1, 2, and 4 where annual payments =1, semiannual payments =2, and quarterly payments =4

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:

DSC is the number of days from settlement to next coupon date

E is the number of days in the coupon period in which the settlement date falls

N is the number of coupons payable between the settlement date and the redemption date

A is the number of days from the beginning of the coupon period to settlement date

Usage Notes

If Settlement, Maturity, or Frequency is not an integer, it is truncated.

The engine returns an empty cell if:

  • Settlement or Maturity is not a valid date
  • CouponRate < 0 or YieldRate < 0
  • Redemption £ 0
  • Frequency has a value other than 1, 2, or 4
  • Settlement ³ Maturity

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.