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ODDFPRICE Function

The ODDFPRICE function is one of the financial functions. It is used to calculate the price per $100 par value for a security that pays periodic interest but has an odd first period (it is shorter or longer than other periods).

Syntax

ODDFPRICE(settlement, maturity, issue, first_coupon, rate, yld, redemption, frequency, [basis])

The ODDFPRICE function has the following arguments:

Argument Description
settlement The date when the security is purchased.
maturity The date when the security expires.
issue The issue date of the security.
first_coupon The first coupon date. This date must be after the settlement date but before the maturity date.
rate The security interest rate.
yld The annual yield of the security.
redemption The redemption value of the security, per $100 par value.
frequency The number of interest payments per year. The possible values are: 1 for annual payments, 2 for semiannual payments, 4 for quarterly payments.
basis The day count basis to use, a numeric value greater than or equal to 0, but less than or equal to 4. It is an optional argument. The possible values are listed in the table below.

The basis argument can be one of the following:

Numeric value Count basis
0 US (NASD) 30/360
1 Actual/actual
2 Actual/360
3 Actual/365
4 European 30/360

Notes

Dates must be entered by using the DATE function.

How to apply the ODDFPRICE function.

Examples

The figure below displays the result returned by the ODDFPRICE function.

ODDFPRICE Function

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