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HP 12c Calculator - Price and Yield to Call

Description
This program calculates price and yield to call, assuming a semi-annual coupon payment, called on a coupon date and an actual/actual day basis. Prices are based on a par value of 100. This routine does not work on issue dated bonds.
Keys (RPN mode)
Display
Press f, P/R, f, then PRGM
00-
Press STO, then 2
01-442
Press x><y
02-34
Press STO, then 1
03-441
Press RCL, then PV
04-4513
Press RCL, then FV
05-4515
Press EEX
06-26
Press 2
07-2
Press ÷
08-10
Press STO, then 0
09-440
Press ÷
10-10
Press PV
11-13
Press RCL, then PMT
12-4514
Press RCL, then 0
13-450
Press ÷
14-10
Press PMT
15-14
Press RCL, then 1
16-451
Press RCL, then 2
17-452
Press RCL, then i
18-4512
Press g, then x=0
19-4335
Press g, then GTO, then 26
20-43,3326
Press R
21-33
Press f, then PRICE
22-42 21
Press RCL, then 0
23-450
Press x
24- 20
Press g, GTO, then 00
25- 43,3300
Press R
26- 33
Press f, YTM, f, then P/R
27-42 22
Register
Use
n
Used
i
Used
PV
Used
PMT
Used
FV
Used
R0
Used
R1
Settlement date
R2
Maturity date
R3-R6
Unused
Instructions
  1. Key in the program listed above.
  2. Key in the annual coupon rate (as a percentage), and press PMT.
  3. Key in the call price, and press FV.
  4. Key in the purchase price, and press PV If the purchase price is unknown, key in 0.
  5. Key in the annual yield (as a percentage), and press i. If the yield is unknown, key in 0.
  6. Key in the settlement date, and press ENTER.
  7. Key in the call date, and press R/S. If the purchase price is 0, the price to call is calculated. If the yield is 0, the yield to call is calculated.
  8. For a new problem, return to step 2.
Example of calculating yield to call for a coupon bond
A 10 percent coupon bond was purchased on 26 Oct., 1995 for $97.25. If the bond is called on 16 Mar, 2000 for 103, what is yield to call?
Keys (RPN mode)
Display
Description
Press 10, then PMT
10.00
Stores annual coupon rate
Press 103, then FV
103.00
Stores call price
Press 97.25, then PV
97.25
Stores price
Press 0, then i
0.00
Stores 0 in i
Press 10.261995
10.26
Stores the settlement date
Press 3.162000, then R/S
11.35
Calculates yield to call
Example of calculating purchase price for a coupon bond
A bond with a 9.5 percent coupon and a call of 102 has a settlement date of 28 Aug., 1995 and a call date of 1 Jun., 2001. If the bond is to yield 11 percent, what is the purchase price?
Keys (RPN mode)
Display
Description
Press 9.5, then PMT
9.50
Stores annual coupon rate
Press 102, then FV
102.00
Stores call price
Press 11, then i
11.00
Stores yield to call
Press 8.281995, then ENTER
8.28
Stores settlement date
Press 6.012001, then R/S
94.77
Calculates purchase price

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