Financial
PRICEMAT Function in Excel
Returns the price per $100 face value of a security that pays interest at maturity.
Syntax
- =PRICEMAT(settlement, maturity, issue, rate, yld, [basis])
Arguments
- settlement (required): Settlement date
- maturity (required): Maturity date
- issue (required): Issue date
- rate (required): Interest rate at issue
- yld (required): Annual yield
- basis (optional): Day count basis
Examples
- =PRICEMAT("2/15/2024", "4/13/2024", "11/11/2023", 0.061, 0.061) - Price at maturity - Result: Price
PRICEMAT modeling tips
- Align rate and period units (annual rate ÷ 12 for monthly models).
- Use consistent cash-flow signs (outflows negative, inflows positive).
- Hub: [Financial functions guide](/guides/excel-financial-functions-guide/).
Common errors
- #NUM! if dates invalid
Use cases
- Zero-coupon bonds
- CD pricing
- Money market
Frequently asked questions
- What is PRICEMAT used for? PRICEMAT calculates the price of a security that pays interest only at maturity (not periodic coupons). This includes zero-coupon bonds, CDs, and some money market instruments where all interest accrues until the end.
- How is PRICEMAT different from PRICE? PRICE is for bonds with periodic coupon payments. PRICEMAT is for securities that pay all interest at maturity. Use PRICE for corporate/government bonds with semiannual coupons; use PRICEMAT for zero-coupon instruments and CDs.
- How do I value a zero-coupon bond? Use =PRICEMAT(settlement, maturity, issue, 0, yield). With rate=0 (no coupon), PRICEMAT calculates the present value of the face amount. Alternatively, for simple zero-coupon: =100/(1+yield)^years.
Editorial review
- Reviewed by Excel.Directory Editorial Team. Updated May 2026.