How to use ODDLPRICE Function in Excel

The Excel Oddlprice function calculates the price per $100 face value of a security with an odd (short or long) last period.

Syntax:= ODDLPRICE (sd, md, id, rate, yld, redem, freq, [basis])

The ODDLPRICE 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.
  • 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.
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 ODDLPRICE function examples and explore how to use the ODDLPRICE function as a worksheet function in Microsoft Excel:

ODDLPRICE Function - How to use ODDLPRICE Function in Excel

Syntax:  =ODDLPRICE(B1,B2,B3,B4,B5,B6,B7,B8)

Result:

ODDLPRICE Function in Excel - How to use ODDLPRICE Function in Excel

Based on the Excel spreadsheet above, the following ODDLPRICE examples would return:

Syntax: =ODDLPRICE(B1,B2,B3,B4,B5,B6,B7,B8)
Result: 99.72724208

Syntax: =ODDLPRICE(DATE(2019,2,7),DATE(2019,6,15),DATE(2018,10,15),0.048,0.055,100,2,0)
Result: 99.72724208

Syntax: =ODDLPRICE(DATE(2019,2,7),DATE(2019,6,15),DATE(2018,10,15),4.8%,5.5%,B6,B7,B8)
Result: 99.72724208

Note:

  1. #NUM! error – Occurs when:
    • The given issue date is greater than or equal to the settlement date.
    • The given settlement date is greater than or equal to the maturity date.
    • We provided invalid numbers for the rate, yield, redemption, frequency or [basis] arguments. That is if either rate is less than 0; yield 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).
  2. #VALUE! error – Occurs when:
    • The given settlement, maturity, last_interest arguments are not valid Excel dates.
    • Any of the given arguments is non-numeric.

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