96
Plug-In Package Functions
MicroStrategy Functions Reference
4
310
Financial functions
© 2011 MicroStrategy, Inc.
• 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). Other possible
values for this parameter are as follows.
Expression
• If there is one period (or less) until Redemption, this function is
calculated as follows.
Where:
A is the number of days from the beginning of the period to Settlement
DSR is the number of days from Settlement to Redemption
E is the number of days in a period
• If there is more than one period until Redemption, this function is
calculated through iteration, and is based on the calculation for the
PRICE function. See also Appendix 4, Price (price per $100 face value).
Usage notes
• If Settlement, Maturity, or Frequency is not an integer, it is truncated.
• The engine returns an empty cell if
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.
YIELD
redemption
100
----------------------
rate
frequency
--------------------
+
⎝
⎠
⎛
⎞
par
100
-----------
A
E
---
rate
frequency
------------------------------------
×
⎠
⎞
⎠
⎞
⎝
⎛
+
⎝
⎛
–
par
100
-----------
A
E
-
rate
frequency
------------------------------------
⎠
⎞
×
⎝
⎛
+
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
frequency ×E
DSR
----------------------------------------------
×
=