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PRICEMAT Function
Summary
The PRICEMAT function calculates the price per $100 face value of a security that pays interest at maturity, essential for bond traders and financial analysts valuing securities bought in the secondary market.
Syntax
PRICEMAT(settlement, maturity, issue, rate, yld, [basis])Parameters
| Parameter | Type | Required | Description |
|---|---|---|---|
| settlement | Date |
Yes | Security's settlement date - date after issue when traded to buyer |
| maturity | Date |
Yes | Security's maturity date - expiration date |
| issue | Date |
Yes | Security's original issue date |
| rate | Number |
Yes | Interest rate at issue expressed as decimal |
| yld | Number |
Yes | Annual yield expressed as decimal |
| basis | Number |
No | Optional day count method (0-4) |
Using the PRICEMAT Function
PRICEMAT is crucial for pricing bonds and securities where interest is paid only at maturity rather than periodically. Use it when valuing securities purchased after the issue date to determine fair market price based on current yield and time to maturity.
Common PRICEMAT Examples
Basic Bond Pricing
=PRICEMAT(DATE(2008,2,15),DATE(2008,4,13),DATE(2007,11,11),0.061,0.061,0)Prices a bond settled Feb 15, 2008 that matures Apr 13, 2008. Issued Nov 11, 2007 with 6.1% rate and yield using 30/360 basis. Returns approximately $99.98.
Using Cell References
=PRICEMAT(A2,B2,C2,D2,E2,0)References dates and rates from worksheet cells for dynamic pricing.
Frequently Asked Questions
Common Errors and Solutions
#VALUE!
Cause: Invalid date for settlement, maturity, or issue
Solution: Use DATE() function or valid Excel dates
#NUM!
Cause: rate or yld < 0, or settlement >= maturity
Solution: Ensure positive rates/yields and settlement before maturity
#NUM!
Cause: basis outside 0-4 range
Solution: Use valid basis value 0,1,2,3, or 4
Notes
- Always use DATE(year,month,day) for dates to avoid text parsing issues
- Settlement must be after issue but before maturity
- Rate and yield are decimals (6.1% = 0.061)
- Excel stores dates as serial numbers for calculations
Compatibility
Available in: Excel 2007, Excel 2010, Excel 2013, Excel 2016, Excel 2019, Excel 2021, Microsoft 365
Not available in: Excel 2003 and earlier
Content last reviewed: December 9, 2025
Update frequency: As needed
Excel versions tested: Excel 2007+