Easy Explanation Notes with Examples

ODDLPRICE function in Excel

Use

The ODDLPRICE function calculates the price per $100 face of a security having an irregular/odd (short or long) last coupon period.

Syntax

ODDLPRICE(settlement, maturity, last_interest, rate, yld, redemption, frequency, [basis])

The ODDLPRICE function has the following arguments:

settlement – Required. The security’s settlement date.

maturity – Required. The expiry date of the security.

last_interest – Required. The security’s last date of coupon.

yld – Required. The annual yield of the security.

Redemption – Required. The redemption value per $100 face value.

Frequency – Required. The frequency of coupon payments in a year. Available options are:

For Frequency
Annual Payments1
Semiannual2
Quarterly4

[basis] – Optional. The day count basis to be used in the calculation. If omitted, Excel uses 0 by default. Choose your option from the table below:

BasisDay count basis
0 or omittedUS (NASD) 30/360
1Actual/actual
2Actual/360
3Actual/365
4European 30/360

Example

The security with the above terms has the price of $99.87.

Function Errors

ErrorOccurs
#VALUE!If the supplied settlement, maturity, or last_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 Functions

The ODDLYIELD function is a Financial function, it has the following related functions:

ODDLYIELD function calculates the yield of a security that has an odd (irregular) last period.

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

ODDFYIELD function calculates the yield of a security that has an irregular (short or long) first period.




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