CD

Syntax

CD(Func, InputBasis, Price_Yield, CouponRate, IssueDate, SettlementDate, MaturityDate)

Func is the desired return value: 1 Money Market (Actual/360) Yield

2 Bond Equivalent Yield

3 Price

4 Discount Amount

5 Discount Rate

6 Duration

7 Reserved for future use

8 Value of an .01 (basis point)

9 Simple(365 day) Yield

10 Annualized Yield

11 Principal

12 Accrued Interest

InputBasis is the basis of pricing input, either 1 for price, or 2 for yield.

Price_Yield is the current selling price or the yield for the certificate, depending upon the value of the Input Basis.

CouponRate is the certificate's coupon rate as a percentage.

IssueDate is the date of issue of the certificate.

e.g. October 10, 1995

[Excel] either 10/10/95 or =DATE(95,10,10)

SettlementDate is the desired date of valuation of the security. Format is the same as for IssueDate.

MaturityDate is the date of maturity of the security. Format is the same as for IssueDate.

Remarks

If the function returns a value of the form "Arg?" where Arg is an argument name, it indicates invalid input. Valid input ranges are:

1  Func  12

InputBasis is 1 or 2

Price_Yield  0

1/1/1900  IssueDate SettlementDate  MaturityDate 12/31/2076.

All values are calculated based on a par value of 100.

Examples

CD(2, 1, 99.0889, 5%, 1/1/96, 10/10/96, 12/31/96), the bond equivalent yield of a CD with a 5% coupon rate, selling for 99.0889 on 10/10/96, maturing on 12/31/96, and issued on 1/1/96. The bond equivalent yield is 27.86%.

CD(11, 1, 99.0889, 5%, 1/1/96, 10/10/96, 12/31/96), the principal of a CD with a 5% coupon rate, selling for 99.0889 on 10/10/96, maturing on 12/31/96, and issued on 1/1/96. The principal is 95.158.