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

Description

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

Syntax

ODDLPRICE(settlement, maturity, last_interest, 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 ODDLPRICE function syntax has the following arguments:

  • Settlement    Required. The security’s settlement date. The security settlement date is the date after the issue date when the security is traded to the buyer.
  • Maturity    Required. The security’s maturity date. The maturity date is the date when the security expires.
  • Last_interest    Required. The security’s last coupon date.
  • Rate    Required. The security’s interest rate.
  • Yld    Required. The security’s annual yield.
  • Redemption    Required. The security’s redemption value per $100 face value.
  • Frequency    Required. The number of coupon payments per year. For annual payments, frequency = 1; for semiannual, frequency = 2; for quarterly, frequency = 4.
  • Basis    Optional. The type of day count basis to use.
BasisDay count basis
0 or omittedUS (NASD) 30/360
1Actual/actual
2Actual/360
3Actual/365
4European 30/360

Remarks

  • Microsoft Excel stores dates as sequential serial numbers so they can be used in calculations. By default, January 1, 1900 is serial number 1, and January 1, 2008 is serial number 39448 because it is 39,448 days after January 1, 1900.
  • The settlement date is the date a buyer purchases a coupon, such as a bond. The maturity date is the date when a coupon expires. For example, suppose a 30-year bond is issued on January 1, 2008, and is purchased by a buyer six months later. The issue date would be January 1, 2008, the settlement date would be July 1, 2008, and the maturity date would be January 1, 2038, which is 30 years after the January 1, 2008, issue date.
  • Settlement, maturity, last_interest, and basis are truncated to integers.
  • If settlement, maturity, or last_interest is not a valid date, ODDLPRICE returns the #VALUE! error value.
  • If rate < 0 or if yld < 0, ODDLPRICE returns the #NUM! error value.
  • If basis < 0 or if basis > 4, ODDLPRICE returns the #NUM! error value.
  • The following date condition must be satisfied; otherwise, ODDLPRICE returns the #NUM! error value:maturity > settlement > last_interest

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
February 7, 2008Settlement date
June 15, 2008Maturity date
October 15, 2007Last interest date
3.75%Percent coupon
4.05%Percent yield
$100Redemptive value
2Frequency is semiannual
030/360 basis
FormulaDescriptionR esult
=ODDLPRICE(A2, A3, A4, A5, A6, A7, A8, A9)The price per $100 of a security having an odd (short or long) last coupon period, for a bond using the terms in cells A2:A10 as function arguments.$99.88

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