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.
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