The ODDLPRICE function calculates the price per $100 face value of a security with an odd last period.

ODDLPRICE takes 7 required arguments and 1 optional argument:

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

The settlement date is the date a buyer purchases a coupon, such as a bond. The maturity date is the date when a coupon expires. For example, suppose a 10-year bond is issued on January 1, 2014, and is purchased by a buyer seven months later. The issue date would be January 1, 2014, the settlement date would be August 1, 2014, and the maturity date would be January 1, 2024, 10 years after the January 1, 2014, issue date.

#1)
Using the ODDLPRICE function:
#2)
The arguments for the ODDLPRICE function are:
Argument Required? Description
settlement Required The security's settlement date. The security settlement date is the date after the issue date when the security is traded to the buyer.
maturity Required The security's maturity date. The maturity date is the date when the security expires.
last_interest Required The security's last coupon date.
rate Required The security's interest rate
yld Required The security's annual yield.
redemption Required The security's redemption value per $100 face value.
frequency Required The number of coupon payments per year. For annual payments, frequency = 1; for semiannual, frequency = 2; for quarterly, frequency = 4.
basis Optional The type of day count basis to use.
Possible basis argument values:
#3)
A few more things:
Excel stores dates as sequential serial numbers so they can be used in calculations. By default, January 1, 1900 is serial number 1, and January 1, 2014 is serial number 41640 because it is 41,640 days after January 1, 1900.
settlement, maturity, frequency, and basis are truncated to integers.
If settlement, maturity or last_interest is not a valid date, ODDLPRICE returns the #VALUE! error value.
If rate < 0 or if yld < 0, ODDLPRICE returns the #NUM! error value.
If basis < 0 or if basis > 4, ODDLPRICE returns the #NUM! error value.
The following date condition must be satisfied; otherwise, ODDLPRICE returns the #NUM! error value:
maturity > settlement > last_interest

Summary

The ODDLPRICE function calculates the price per $100 face value of a security with an odd last period.
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