getMessage(); } $daysPerYear = Helpers::daysPerYear(DateTimeExcel\DateParts::year($settlement), $basis); if (!is_numeric($daysPerYear)) { return $daysPerYear; } $daysBetweenSettlementAndMaturity = Functions::scalar(DateTimeExcel\YearFrac::fraction($settlement, $maturity, $basis)); if (!is_numeric($daysBetweenSettlementAndMaturity)) { // return date error return $daysBetweenSettlementAndMaturity; } $daysBetweenSettlementAndMaturity *= $daysPerYear; return (($redemption - $price) / $price) * ($daysPerYear / $daysBetweenSettlementAndMaturity); } /** * YIELDMAT. * * Returns the annual yield of a security that pays interest at maturity. * * @param mixed $settlement The security's settlement date. * The security's settlement date is the date after the issue date when the security * is traded to the buyer. * @param mixed $maturity The security's maturity date. * The maturity date is the date when the security expires. * @param mixed $issue The security's issue date * @param mixed $rate The security's interest rate at date of issue * @param mixed $price The security's price per $100 face value * @param mixed $basis The type of day count to use. * 0 or omitted US (NASD) 30/360 * 1 Actual/actual * 2 Actual/360 * 3 Actual/365 * 4 European 30/360 * * @return float|string Result, or a string containing an error */ public static function yieldAtMaturity( $settlement, $maturity, $issue, $rate, $price, $basis = FinancialConstants::BASIS_DAYS_PER_YEAR_NASD ) { $settlement = Functions::flattenSingleValue($settlement); $maturity = Functions::flattenSingleValue($maturity); $issue = Functions::flattenSingleValue($issue); $rate = Functions::flattenSingleValue($rate); $price = Functions::flattenSingleValue($price); $basis = ($basis === null) ? FinancialConstants::BASIS_DAYS_PER_YEAR_NASD : Functions::flattenSingleValue($basis); try { $settlement = SecurityValidations::validateSettlementDate($settlement); $maturity = SecurityValidations::validateMaturityDate($maturity); SecurityValidations::validateSecurityPeriod($settlement, $maturity); $issue = SecurityValidations::validateIssueDate($issue); $rate = SecurityValidations::validateRate($rate); $price = SecurityValidations::validatePrice($price); $basis = SecurityValidations::validateBasis($basis); } catch (Exception $e) { return $e->getMessage(); } $daysPerYear = Helpers::daysPerYear(DateTimeExcel\DateParts::year($settlement), $basis); if (!is_numeric($daysPerYear)) { return $daysPerYear; } $daysBetweenIssueAndSettlement = Functions::scalar(DateTimeExcel\YearFrac::fraction($issue, $settlement, $basis)); if (!is_numeric($daysBetweenIssueAndSettlement)) { // return date error return $daysBetweenIssueAndSettlement; } $daysBetweenIssueAndSettlement *= $daysPerYear; $daysBetweenIssueAndMaturity = Functions::scalar(DateTimeExcel\YearFrac::fraction($issue, $maturity, $basis)); if (!is_numeric($daysBetweenIssueAndMaturity)) { // return date error return $daysBetweenIssueAndMaturity; } $daysBetweenIssueAndMaturity *= $daysPerYear; $daysBetweenSettlementAndMaturity = Functions::scalar(DateTimeExcel\YearFrac::fraction($settlement, $maturity, $basis)); if (!is_numeric($daysBetweenSettlementAndMaturity)) { // return date error return $daysBetweenSettlementAndMaturity; } $daysBetweenSettlementAndMaturity *= $daysPerYear; return ((1 + (($daysBetweenIssueAndMaturity / $daysPerYear) * $rate) - (($price / 100) + (($daysBetweenIssueAndSettlement / $daysPerYear) * $rate))) / (($price / 100) + (($daysBetweenIssueAndSettlement / $daysPerYear) * $rate))) * ($daysPerYear / $daysBetweenSettlementAndMaturity); } }