PRICE

PRICE is a DAX function that returns the price per $100 face value of a security that pays periodic interest.

Syntax

PRICE(
   Settlement,
   Maturity,
   Rate,
   Yld,
   Redemption,
   Frequency,
   Basis
)

Argument	Properties	Description
Settlement		The security’s settlement date. The security settlement date is the date after the issue date when the security is traded to the buyer.
Maturity		The security’s maturity date. The maturity date is the date when the security expires.
Rate		The security’s annual coupon rate.
Yld		The security’s annual yield.
Redemption		The security’s redemption value per $100 face value.
Frequency		The number of coupon payments per year. For annual payments, frequency = 1; for semiannual, frequency = 2; for quarterly, frequency = 4.
Basis	Optional	The type of day count basis to use.

Return Values

The price per $100 face value.

Remarks

• Dates are stored as sequential serial numbers so they can be used in calculations. In DAX, December 30, 1899 is day 0, and January 1, 2008 is 39448 because it is 39,448 days after December 30, 1899.

• The settlement date is the date a buyer purchases a coupon, such as a bond. The maturity date is the date when a coupon expires. For example, suppose a 30-year bond is issued on January 1, 2008, and is purchased by a buyer six months later. The issue date would be January 1, 2008, the settlement date would be July 1, 2008, and the maturity date would be January 1, 2038, which is 30 years after the January 1, 2008, issue date.

• settlement and maturity are truncated to integers.

• basis and frequency are rounded to the nearest integer.

• An error is returned if:

  • settlement or maturity is not a valid date.
  • settlement ≥ maturity.
  • rate < 0.
  • yld < 0.
  • redemption ≤ 0.
  • frequency is any number other than 1, 2, or 4.
  • basis < 0 or basis > 4.

• This function is not supported for use in DirectQuery mode when used in calculated columns or row-level security (RLS) rules.

Important:

• When N > 1 (N is the number of coupons payable between the settlement date and redemption date), PRICE is calculated as follows:

  $$\text{PRICE}=[\frac{\text{redemption}}{(1+\frac{\text{yld}}{\text{frequency}}{)}^{(N-1+\frac{\text{DSC}}{\text{E}})})}]+[\sum _{k=1}^N\frac{100\times \frac{\text{rate}}{\text{frequency}}}{(1+\frac{\text{yld}}{\text{frequency}}{)}^{(k-1+\frac{\text{DSC}}{\text{E}})}}]-[100\times \frac{\text{rate}}{\text{frequency}}\times \frac{\text{A}}{\text{E}}]$$

• When N = 1 (N is the number of coupons payable between the settlement date and redemption date), PRICE is calculated as follows:

  $$\text{DSR}=\text{E}-\text{A}$$

  $$\text{T1}=100\times \frac{\text{rate}}{\text{frequency}}+\text{redemption}$$

  $$\text{T2}=\frac{\text{yld}}{\text{frequency}}\times \frac{\text{DSR}}{\text{E}}+1$$

  $$\text{T3}=100\times \frac{\text{rate}}{\text{frequency}}\times \frac{\text{A}}{\text{E}}$$

  $$\text{PRICE}=\frac{\text{T1}}{\text{T2}}-\text{T3}$$

  where:

  • $\text{DSC}$ = number of days from settlement to next coupon date.
  • $\text{E}$ = number of days in coupon period in which the settlement date falls.
  • $\text{A}$ = number of days from beginning of coupon period to settlement date.

Data	Argument description
2/15/2008	Settlement date
11/15/2017	Maturity date
5.75%	Percent semiannual coupon
6.50%	Percent yield
$100	Redemption value
2	Frequency is semiannual
0	30/360 basis

The following DAX query:

EVALUATE
{
  PRICE(DATE(2008,2,15), DATE(2017,11,15), 0.0575, 0.065, 100, 2, 0)
}

Returns the bond price, for a bond using the terms specified above.

[Value]
94.6343616213221

Contribute » | Contributors: Rick de Groot
Microsoft documentation: https://learn.microsoft.com/en-us/dax/price-function-dax