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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 Payments1
Semiannual2
Quarterly4

[basis] – Optional. The day count basis to use for the calculation. The possible values are:

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

Example

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

Function Errors

ErrorOccurs
#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.




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