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.