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ACCRINT Function - Calculate Accrued Interest for Periodic Payment Securities

PRO BASIC

The ACCRINT function in Jspreadsheet Formulas Pro is a comprehensive financial calculation tool designed for securities with periodic interest payments. This advanced function serves multiple professional applications:

Investment Banking:

  • New bond issue pricing
  • Secondary market valuations
  • Structured product analysis
  • Deal pricing and syndication
  • Fixed-income origination

Portfolio Management:

  • Interest income forecasting
  • Portfolio yield analysis
  • Investment performance tracking
  • Cash flow projections
  • Risk assessment calculations

Trading Operations:

  • Clean and dirty price calculations
  • Trading position valuations
  • Arbitrage opportunity analysis
  • Market-making operations
  • Dealer inventory management

Risk Management:

  • Interest rate exposure monitoring
  • Duration calculations
  • Portfolio stress testing
  • Value-at-risk analysis
  • Hedging strategy development

Treasury Operations:

  • Corporate debt management
  • Cash position monitoring
  • Liability planning
  • Interest expense forecasting
  • Debt restructuring analysis

The function supports various fixed-income instruments:

Corporate Securities:

  • Investment-grade bonds
  • High-yield bonds
  • Medium-term notes
  • Commercial paper
  • Convertible bonds

Government and Municipal:

  • Treasury bonds and notes
  • Municipal securities
  • Agency bonds
  • Sovereign debt
  • State and local issues

Structured Products:

  • Asset-backed securities
  • Mortgage-backed bonds
  • Collateralized debt obligations
  • Credit-linked notes
  • Interest rate products

This professional-grade tool incorporates industry-standard calculation methods, supporting multiple day-count conventions and payment frequencies, making it essential for financial institutions, investment firms, and corporate treasury departments.

Documentation

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

Category

Financial

Syntax

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

Parameter Description
issue The security's issue date (when the security was first issued).
first_interest The security's first interest payment date.
settlement The security's settlement date (the date through which interest is calculated).
rate The security's annual coupon rate (as a decimal, e.g., 0.05 for 5%).
par The security's par value (face value), typically 1000 for bonds.
frequency The number of coupon payments per year: 1 (annual), 2 (semi-annual), or 4 (quarterly).
[basis] Optional. Day count basis: 0 (30/360), 1 (Actual/Actual), 2 (Actual/360), 3 (Actual/365), 4 (30/360 European). Defaults to 0.
[calc_method] Optional. Calculation method: TRUE (US method) or FALSE (European method). Defaults to FALSE.

Behavior

The ACCRINT function calculates accrued interest using the following logic:

  1. Date Validation: Ensures issue date < settlement date and validates all date inputs
  2. Interest Calculation: Computes interest based on the day count basis and payment frequency
  3. Method Application: Applies either US or European calculation method

Input Handling:

  • Empty Cells: Returns #VALUE! error if required arguments are missing
  • Invalid Dates: Returns #VALUE! error for non-date values in date parameters
  • Non-Numeric Values: Returns #VALUE! error for text in numeric parameters
  • Boolean Values: Returns #VALUE! error; does not accept TRUE/FALSE except for calc_method
  • Error Propagation: Returns error if any input argument contains an error

Common Errors

Error Description
#NUM! Issue date ≥ settlement date, basis not in range 0-4, frequency not 1/2/4, or invalid rate/par values.
#VALUE! Invalid date formats, non-numeric values in numeric parameters, or missing required arguments.
#DIV/0! Par value is zero, which would cause division by zero in interest calculation.

Best Practices

  • Date Validation: Ensure issue date < first interest date < settlement date for logical consistency
  • Rate Format: Express rates as decimals (0.05 for 5%) rather than percentages (5%)
  • Basis Selection: Choose appropriate day count basis for your market (0 for US corporate bonds, 1 for government bonds)
  • Par Value: Use standard denominations (1000 for bonds, 100 for some securities) and never zero
  • Frequency Matching: Ensure frequency matches the actual payment schedule of the security
  • Date Formats: Use consistent date formats recognized by your system (YYYY-MM-DD recommended)

Usage Examples

Here are comprehensive examples demonstrating the ACCRINT function in various financial scenarios:

1. Corporate Bond Analysis:

// Investment Grade Corporate Bond
=ACCRINT("2024-01-15", "2024-07-15", "2024-04-15", 0.065, 1000, 2, 0)
// Semi-annual payments, 30/360 basis
// $1,000 par value, 6.5% coupon

// High-Yield Corporate Bond
=ACCRINT("2024-01-01", "2024-04-01", "2024-02-15", 0.085, 1000, 4, 0)
// Quarterly payments, 30/360 basis
// $1,000 par value, 8.5% coupon

// Medium-Term Note
=ACCRINT("2024-02-01", "2024-08-01", "2024-05-15", 0.055, 5000, 2, 0)
// Semi-annual payments, 30/360 basis
// $5,000 par value, 5.5% coupon

2. Government Securities:

// Treasury Bond
=ACCRINT("2024-01-01", "2024-07-01", "2024-03-15", 0.045, 10000, 2, 1)
// Semi-annual payments, Actual/Actual basis
// $10,000 par value, 4.5% coupon

// Agency Bond
=ACCRINT("2024-02-15", "2024-08-15", "2024-05-01", 0.048, 25000, 2, 1)
// Semi-annual payments, Actual/Actual basis
// $25,000 par value, 4.8% coupon

// Treasury Note
=ACCRINT("2024-01-01", "2024-04-01", "2024-02-15", 0.042, 50000, 4, 1)
// Quarterly payments, Actual/Actual basis
// $50,000 par value, 4.2% coupon

3. Municipal Securities:

// General Obligation Bond
=ACCRINT("2024-01-01", "2024-07-01", "2024-04-15", 0.038, 100000, 2, 0)
// Semi-annual payments, 30/360 basis
// $100,000 par value, 3.8% coupon

// Revenue Bond
=ACCRINT("2024-02-01", "2024-08-01", "2024-05-15", 0.042, 75000, 2, 0)
// Semi-annual payments, 30/360 basis
// $75,000 par value, 4.2% coupon

// Short-Term Note
=ACCRINT("2024-01-15", "2024-07-15", "2024-03-01", 0.035, 50000, 2, 0)
// Semi-annual payments, 30/360 basis
// $50,000 par value, 3.5% coupon

4. Structured Products:

// Asset-Backed Security
=ACCRINT("2024-01-01", "2024-04-01", "2024-02-15", 0.052, 250000, 4, 2)
// Quarterly payments, Actual/360 basis
// $250,000 par value, 5.2% coupon

// Mortgage-Backed Bond
=ACCRINT("2024-02-01", "2024-05-01", "2024-03-15", 0.048, 500000, 12, 0)
// Monthly payments, 30/360 basis
// $500,000 par value, 4.8% coupon

// CDO Tranche
=ACCRINT("2024-01-15", "2024-04-15", "2024-03-01", 0.065, 1000000, 4, 2)
// Quarterly payments, Actual/360 basis
// $1,000,000 par value, 6.5% coupon

5. International Securities:

// European Corporate Bond
=ACCRINT("2024-01-01", "2024-07-01", "2024-04-15", 0.045, 100000, 2, 4)
// Semi-annual payments, 30/360 European basis
// €100,000 par value, 4.5% coupon

// Sovereign Bond
=ACCRINT("2024-02-15", "2024-08-15", "2024-05-01", 0.058, 200000, 2, 1)
// Semi-annual payments, Actual/Actual basis
// $200,000 par value, 5.8% coupon

// Emerging Market Bond
=ACCRINT("2024-01-15", "2024-07-15", "2024-04-01", 0.075, 150000, 2, 0)
// Semi-annual payments, 30/360 basis
// $150,000 par value, 7.5% coupon

6. Portfolio Analysis Examples:

// Clean Price Calculation
=ACCRINT("2024-01-01", "2024-07-01", "2024-03-15", 0.05, 1000000, 2, 0)
// For determining dirty price: market_price + accrued_interest

// Yield Analysis
=ACCRINT("2024-02-01", "2024-08-01", "2024-05-15", 0.06, 500000, 2, 1)
// Component of yield-to-maturity calculation

// Interest Income Projection
=ACCRINT("2024-01-15", "2024-07-15", "2024-06-30", 0.055, 750000, 2, 0)
// For period-end income forecasting

Interactive Spreadsheet Demo

<html>
<script src="https://jspreadsheet.com/v11/jspreadsheet.js"></script>
<script src="https://jsuites.net/v5/jsuites.js"></script>
<link rel="stylesheet" href="https://jsuites.net/v5/jsuites.css" type="text/css" />
<link rel="stylesheet" href="https://jspreadsheet.com/v11/jspreadsheet.css" type="text/css" />

<link rel="stylesheet" href="https://fonts.googleapis.com/css?family=Material+Icons" />
<script src="https://cdn.jsdelivr.net/npm/@jspreadsheet/formula-pro/dist/index.min.js"></script>

<div id="spreadsheet"></div>

<script>
// Set your JSS license key (The following key only works for one day)
jspreadsheet.setLicense('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');

// Set the extensions
jspreadsheet.setExtensions({ formula });

// Create a new spreadsheet
jspreadsheet(document.getElementById('spreadsheet'), {
  worksheets: [{
    data: [
    [
        "Issue Date",
        "First Interest",
        "Settlement",
        "Rate",
        "Par Value",
        "Frequency",
        "Basis",
        "Accrued Interest"
    ],
    [
        "2023-01-15",
        "2023-07-15",
        "2023-04-15",
        0.065,
        1000,
        2,
        0,
        "=ACCRINT(A2,B2,C2,D2,E2,F2,G2)"
    ],
    [
        "2023-03-01",
        "2023-09-01",
        "2023-06-01",
        0.045,
        5000,
        2,
        1,
        "=ACCRINT(A3,B3,C3,D3,E3,F3,G3)"
    ],
    [
        "2023-02-10",
        "2023-08-10",
        "2023-05-10",
        0.055,
        2500,
        2,
        0,
        "=ACCRINT(A4,B4,C4,D4,E4,F4,G4)"
    ]
]
  }]
});
</script>
</html>

import React, { useRef } from "react";
import { Spreadsheet, Worksheet, jspreadsheet } from "@jspreadsheet/react";
import formula from "@jspreadsheet/formula-pro";
import "jsuites/dist/jsuites.css";
import "jspreadsheet/dist/jspreadsheet.css";

// Set license
jspreadsheet.setLicense('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');

// Set the extensions
jspreadsheet.setExtensions({ formula });

export default function App() {
    // Spreadsheet array of worksheets
    const spreadsheet = useRef();

    // Worksheet data
    const data = [
    [
        "Issue Date",
        "First Interest",
        "Settlement",
        "Rate",
        "Par Value",
        "Frequency",
        "Basis",
        "Accrued Interest"
    ],
    [
        "2023-01-15",
        "2023-07-15",
        "2023-04-15",
        0.065,
        1000,
        2,
        0,
        "=ACCRINT(A2,B2,C2,D2,E2,F2,G2)"
    ],
    [
        "2023-03-01",
        "2023-09-01",
        "2023-06-01",
        0.045,
        5000,
        2,
        1,
        "=ACCRINT(A3,B3,C3,D3,E3,F3,G3)"
    ],
    [
        "2023-02-10",
        "2023-08-10",
        "2023-05-10",
        0.055,
        2500,
        2,
        0,
        "=ACCRINT(A4,B4,C4,D4,E4,F4,G4)"
    ]
];

    // Render component
    return (
        <Spreadsheet ref={spreadsheet}>
            <Worksheet data={data} />
        </Spreadsheet>
    );
}

<template>
    <Spreadsheet ref="spreadsheet">
        <Worksheet :data="data" />
    </Spreadsheet>
</template>

<script>
import { Spreadsheet, Worksheet, jspreadsheet } from "@jspreadsheet/vue";
import "jsuites/dist/jsuites.css";
import "jspreadsheet/dist/jspreadsheet.css";
import formula from "@jspreadsheet/formula-pro";

// Set license
jspreadsheet.setLicense('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');

// Set the extensions
jspreadsheet.setExtensions({ formula });

export default {
    components: {
        Spreadsheet,
        Worksheet,
    },
    data() {
        // Worksheet data
        const data = [
    [
        "Issue Date",
        "First Interest",
        "Settlement",
        "Rate",
        "Par Value",
        "Frequency",
        "Basis",
        "Accrued Interest"
    ],
    [
        "2023-01-15",
        "2023-07-15",
        "2023-04-15",
        0.065,
        1000,
        2,
        0,
        "=ACCRINT(A2,B2,C2,D2,E2,F2,G2)"
    ],
    [
        "2023-03-01",
        "2023-09-01",
        "2023-06-01",
        0.045,
        5000,
        2,
        1,
        "=ACCRINT(A3,B3,C3,D3,E3,F3,G3)"
    ],
    [
        "2023-02-10",
        "2023-08-10",
        "2023-05-10",
        0.055,
        2500,
        2,
        0,
        "=ACCRINT(A4,B4,C4,D4,E4,F4,G4)"
    ]
]

        return {
            data
        };
    }
}
</script>

import { Component, ViewChild, ElementRef } from "@angular/core";
import jspreadsheet from "jspreadsheet";
import * as formula from "@jspreadsheet/formula-pro";

// Set your JSS license key (The following key only works for one day)
jspreadsheet.setLicense('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');

// Set the extensions
jspreadsheet.setExtensions({ formula });

@Component({
    standalone: true,
    selector: "app-root",
    template: `<div #spreadsheet></div>`
})
export class AppComponent {
    @ViewChild("spreadsheet") spreadsheet: ElementRef;
    // Worksheets
    worksheets: jspreadsheet.worksheetInstance[];

    // Create a new data grid
    ngAfterViewInit() {
        // Create spreadsheet
        this.worksheets = jspreadsheet(this.spreadsheet.nativeElement, {
            worksheets: [{
                data: [
                    [
                        "Issue Date",
                        "First Interest",
                        "Settlement",
                        "Rate",
                        "Par Value",
                        "Frequency",
                        "Basis",
                        "Accrued Interest"
                    ],
                    [
                        "2023-01-15",
                        "2023-07-15",
                        "2023-04-15",
                        0.065,
                        1000,
                        2,
                        0,
                        "=ACCRINT(A2,B2,C2,D2,E2,F2,G2)"
                    ],
                    [
                        "2023-03-01",
                        "2023-09-01",
                        "2023-06-01",
                        0.045,
                        5000,
                        2,
                        1,
                        "=ACCRINT(A3,B3,C3,D3,E3,F3,G3)"
                    ],
                    [
                        "2023-02-10",
                        "2023-08-10",
                        "2023-05-10",
                        0.055,
                        2500,
                        2,
                        0,
                        "=ACCRINT(A4,B4,C4,D4,E4,F4,G4)"
                    ]
                ]
            }]
        });
    }
}

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