Daily DAX : Day 383 DISC

Power BI DAX: DISC Function

Syntax

DISC(Settlement, Maturity, Par, Redemption, [Basis])

Parameters

  • Settlement: The date when the security is purchased.
  • Maturity: The date when the security matures (expires).
  • Par: The face value of the security (usually 100 or 1000).
  • Redemption: The value received at maturity per Par value (e.g., 100).
  • [Basis] (Optional): Day count basis (0 = US 30/360, 1 = Actual/Actual, etc.). Default is 0.

What It Returns

The DISC function calculates the discount rate for a security (like a Treasury bill) that is sold at a discount and does not pay periodic interest.

Use Case Example

Scenario: You bought a Treasury bill on January 15, 2025, which matures on July 15, 2025. The face value is $1,000, and you receive $1,000 at maturity (redemption = 100). You want to calculate the annualized discount rate.

DAX Measure

Discount Rate = 
DISC(
    DATE(2025, 1, 15),      // Settlement
    DATE(2025, 7, 15),      // Maturity
    100,                    // Par
    100,                    // Redemption
    0                       // Basis: US 30/360
)

Result: Approximately 0.057 or 5.7% annualized discount rate.

Common Use Cases

  • Calculating yield on Treasury bills.
  • Financial modeling for zero-coupon bonds.
  • Comparing discount securities in investment reports.

Notes

  • Only works with securities that pay no interest during their term.
  • Both Settlement and Maturity must be valid dates, with Settlement < Maturity.
  • Returns error if inputs are invalid (e.g., negative values, wrong dates).

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