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ACCRINT

  • Article

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

Syntax

ACCRINT(<issue>, <first_interest>, <settlement>, <rate>, <par>, <frequency>[, <basis>[, <calc_method>]])

Parameters

Term Definition
issue The security's issue date.
first_interest The security's first interest date.
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.
rate The security's annual coupon rate.
par The security's par 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. If basis is omitted, it is assumed to be 0. The accepted values are listed below this table.
calc_method (Optional) 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. If calc_method is omitted, it is assumed to be TRUE.
- If calc_method evaluates to TRUE or is omitted, ACCRINT returns the total accrued interest from issue to settlement.
- If calc_method evaluates to FALSE, ACCRINT returns the accrued interest from first_interest to settlement.

The basis parameter accepts the following values:

Basis Day count basis
0 or omitted US (NASD) 30/360
1 Actual/actual
2 Actual/360
3 Actual/365
4 European 30/360

Return Value

The accrued interest.

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.

  • ACCRINT is calculated as follows:

    $$\text{ACCRINT} = \text{par} \times \frac{\text{rate}}{\text{frequency}} \times \sum^{\text{NC}}_{i=1}\frac{\text{A}_{i}}{\text{NL}_{i}}$$

    where:

    • $\text{A}_{i}$ = number of accrued days for the $i^{th}$ quasi-coupon period within odd period.
    • $\text{NC}$ = number of quasi-coupon periods that fit in odd period. If this number contains a fraction, raise it to the next whole number.
    • $\text{NL}_{i}$ = normal length in days of the quasi-coupon period within odd period.

  • issue, first_interest, and settlement are truncated to integers.

  • frequency and basis are rounded to the nearest integer.

  • An error is returned if:

    • issue, first_interest, or settlement is not a valid date.
    • issue ≥ settlement.
    • rate ≤ 0.
    • par ≤ 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.

Examples

Data Description
1-March-2007 Issue date
31-August-2008 First interest date
1-May-2008 Settlement date
10% Coupon rate
1000 Par value
2 Frequency is semiannual (see above)
0 30/360 basis (see above)

Example 1

The following DAX query:

EVALUATE
{
  ACCRINT(DATE(2007,3,1), DATE(2008,8,31), DATE(2008,5,1), 0.1, 1000, 2, 0)
}

Returns the accrued interest from issue to settlement, for a security with the terms specified above.

[Value]
116.944444444444

Example 2

The following DAX query:

EVALUATE
{
  ACCRINT(DATE(2007,3,1), DATE(2008,8,31), DATE(2008,5,1), 0.1, 1000, 2, 0, FALSE)
}

Returns the accrued interest from first_interest to settlement, for a security with the terms specified above.

[Value]
66.9444444444445