The ODDFPRICE function calculates the price of a bond having an irregular first period.
ODDFPRICE(settlement, maturity, issue, first_coupon, rate, yld, redemption, frequency, [basis])
The ODDFPRICE function has the following arguments:
settlement – Required. After the issuance date, it is the date on which the bond is traded to the buyer.
maturity – Required. The expiry date of the bond.
issue – Required. The date on which the bond was issued.
first_coupon – Required. The first coupon date of the bond.
rate – Required. The bond’s interest rate.
yld – Required. The annual yield of the bond.
redemption – Required. The bond’s redemption value per $100 face value.
frequency – Required. The frequency of coupon payments in a year. Available options are provided in the table below:
[basis] – Optional. The day count basis to use for the calculation. The possible values are:
|Basis||Day count basis|
|0 or omitted||US (NASD) 30/360|
The bond with the above terms has the price of $109.40.
|#VALUE!||If the supplied settlement, maturity, or first_interest date is invalid.|
|#NUM!||If the rate or yield is smaller than zero.|
|#NUM!||If the [basis] argument is smaller than 0 or greater than 4.|
The ODDFPRICE function is a Financial function, it has following similar functions:
ODDLPRICE function calculates the price per $100 face of a security having an irregular/odd (short or long) last coupon period.
ODDFYIELD function calculates the yield of a security that has an irregular (short or long) first period.
ODDLYIELD function calculates the yield of a security that has an odd (irregular) last period.