The Excel ODDFPRICE function returns the price per $100 face value of a security with an odd (irregular) first period.
Syntax: ODDFPRICE(settlement, maturity, issue, first_coupon, rate, yld, redemption, frequency, [basis])
The ODDFPRICE function syntax has the following arguments:
- 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.
- Issue Required. The security’s issue date.
- First_coupon Required. The security’s first 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.
| Basis | Day count basis |
|---|---|
| 0 or omitted | US (NASD) 30/360 |
| 1 | Actual/actual |
| 2 | Actual/360 |
| 3 | Actual/365 |
| 4 | European 30/360 |
Example: Let’s look at some Excel ODDFPRICE function examples and explore how to use the ODDFPRICE function as a worksheet function in Microsoft Excel:
Syntax: = ODDFPRICE (B1, B2, B3, B4, B5, B6, B7, B8, B9)
Result:
Based on the Excel spreadsheet above, the following ODDFPRICE examples would return:
Syntax: = ODDFPRICE (B1, B2, B3, B4, B5, B6, B7, B8, B9)
Result: 113.4828989
Syntax: = ODDFPRICE (DATE (2008,11,11), DATE (2021,1,3), DATE (2008,10,15), DATE (2009,1,3), 0,0785,0,0625,2000000,2,1 )
Result: 113.4828989
Syntax: = ODDFPRICE (DATE (2008,11,11), DATE (2021,1,3), DATE (2008,10,15), DATE (2009,1,3), 7,85%, 6,25%, B7, B8 , B9)
Result: 113.4828989
Note:
- #NUM! error – Occurs when:
- The given issue date is greater than or equal to the settlement date.
- Given settlement date is greater than or equal to the first coupon date.
- The first coupon date given is greater than or equal to the maturity date.
- We have provided invalid numbers for the rate, yield, redemption, frequency or [basis] arguments. That is, if either rate is less than 0; yld is less than 0; redemption is less than or equal to 0; frequency is any number other than 1, 2, or 4; or [basis] is any number other than 0, 1, 2, 3, or 4).
- #VALUE! error – Occurs when:
- The given settlement, maturity, issue or first_coupon arguments are not valid Excel dates.
- Any of the given arguments is non-numeric.
