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ACCRINT Function

The ACCRINT function returns the accrued interest for a security that pays periodic interest. It takes up to eight arguments including the security's issue date, first interest date, settlement date, annual coupon rate, par value, payment frequency, day count basis, and a logical value to specify how accrued interest is calculated. The function uses the dates, rates, and other arguments to calculate accrued interest based on the security's terms.

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134 views

ACCRINT Function

The ACCRINT function returns the accrued interest for a security that pays periodic interest. It takes up to eight arguments including the security's issue date, first interest date, settlement date, annual coupon rate, par value, payment frequency, day count basis, and a logical value to specify how accrued interest is calculated. The function uses the dates, rates, and other arguments to calculate accrued interest based on the security's terms.

Uploaded by

frazbutt
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOC, PDF, TXT or read online on Scribd
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ACCRINT function

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

Syntax

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

IMPORTANT Dates should be entered by using the DATE function, or as results of other formulas or functions. For
example, use DATE(2008,5,23) for the 23rd day of May, 2008. Problems can occur if dates are entered as text.

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

Calc_method Calc_method is a logical value that specifies the way to calculate the total accrued interest when the
date of settlement is later than the date of first_interest. A value of TRUE (1) returns the total accrued interest from
issue to settlement. A value of FALSE (0) returns the accrued interest from first_interest to settlement. If you do not
enter the argument, it defaults to TRUE.
Remarks

• Microsoft Office Excel stores dates as sequential serial numbers so they can be used in calculations. By

default, January 1, 1900 is serial number 1, and January 1, 2008 is serial number 39448 because it is

39,448 days after January 1, 1900. Microsoft Office Excel for the Macintosh uses a different date system as

its default.

• 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 #VALUE! error value.

• If rate ≤ 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 ≥ 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

The example may be easier to understand if you copy it to a blank worksheet.

How to copy an example

• Create a blank workbook or worksheet.

• Select the example in the Help topic.

NOTE Do not select the row or column headers.


Selecting an example from Help

• Press CTRL+C.

• In the worksheet, select cell A1, and press CTRL+V.

• To switch between viewing the results and viewing the formulas that return the results, press CTRL+` (grave

accent), or on the Formulas tab, in the Formula Auditing group, click the Show Formulas button.

A B
1 Data Description
2 March 1, 2008 Issue date
3 August 31, 2008 First interest date
4 May 1, 2008 Settlement date
5 10.0% Coupon rate
6 1,000 Par value
7 2 Frequency is semiannual (see above)

8 0 30/360 basis (see above)

Formula Description (Result)


=ACCRINT(A2,A3,A4,A5,A6,A7,A8) Accrued interest for a treasury bond with the terms above
(16.66666667)
=ACCRINT(DATE(2008,3,5),A3,A4,A5,A6,A7,A8,FALSE) Accrued interest with the terms above, except the issue date is
March 5, 2008. (15.55555556)
=ACCRINT(DATE(2008,4,5),A3,A4,A5,A6,A7,A8,TRUE) Accrued interest with the terms above, except the issue date is
April 5, 2008, and the accrued interest is calculated from the
first_interest to settlement. (7.222222222)

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