## Use

The ODDFPRICE function calculates the price of a bond having an irregular first period.

## Syntax

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:

For | Frequency |

Annual Payments | 1 |

Semiannual | 2 |

Quarterly | 4 |

**[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 |

1 | Actual/actual |

2 | Actual/360 |

3 | Actual/365 |

4 | European 30/360 |

## Example

The bond with the above terms has the price of $109.40.

## Function Errors

Error | Occurs |

#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. |

## Related Function

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.