This article describes the formula syntax and usage of the ODDFPRICE function in Microsoft Excel.

Description

Returns the price per $100 face value of a security having an odd (short or long) first period.

Syntax

ODDFPRICE(settlement, maturity, issue, first_coupon, rate, yld, redemption, frequency, [basis])

Important: Dates should be entered by using the DATE function, or as results of other formulas or functions. For example, use DATE(2008,5,23) for the 23rd day of May, 2008. Problems can occur if dates are entered as text.

The ODDFPRICE function syntax has the following arguments:

BasisDay count basis
0 or omittedUS (NASD) 30/360
1Actual/actual
2Actual/360
3Actual/365
4European 30/360

Remarks

Example

Copy the example data in the following table, and paste it in cell A1 of a new Excel worksheet. For formulas to show results, select them, press F2, and then press Enter. If you need to, you can adjust the column widths to see all the data.

DataArgument description
11/11/2008Settlement date
3/1/2021Maturity date
10/15/2008Issue date
3/1/2009First coupon date
7.85%Percent coupon
6.25%Percent yield
$100.00Redemptive value
2Frequency is semiannual
1Actual/actual basis
FormulaDescriptionResult
=ODDFPRICE(A2, A3, A4, A5, A6, A7, A8, A9, A10)The price per $100 face value of a security having an odd (short or long) first period, for the bond using the terms in cells A2:A10 as arguments for the function.$ 113.60

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