How to Convert Fractional Prices with DOLLARDE and DOLLARFR in Excel

Turn Treasury bond quotes in 32nds into decimal prices, cost a trade, and convert a decimal price back into 32nds.

You will learn to

• Convert a 32nds quote to a decimal price
• Cost a bond purchase from a quote
• Convert a decimal price back into 32nds

How it works

US Treasury prices are quoted in 32nds of a point: 99-16 means 99 and 16/32, or 99.5% of face value. In Excel the quote is typed as 99.16, and =DOLLARDE(99.16,32) converts it to the decimal price 99.5.

DOLLARFR does the reverse: =DOLLARFR(101.40625,32) returns 101.13, meaning 101 and 13/32. Prices are per 100 of face value, so divide by 100 and multiply by the face amount to cost a trade.

=DOLLARDE(B2,32)