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:

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
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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