# ODDFPRICE function in Excel

## 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.