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#Financial

ODDFPRICE

Excel Functions

Get price per $100 odd first period

Syntax

EXCEL 
=ODDFPRICE(sd, md, id, fd, rate, yld, redem, freq, [basis])

Arguments

Parameter Description
sd Settlement date of the security.
md Maturity date of the security.
id Issue date of the security.
fd First coupon date.
rate Annual coupon rate of security.
yld Annual required rate of return.
redem Redemption value per $100 face value.
freq Coupon payments per year (annual = 1, semiannual = 2; quarterly = 4).
basis [optional] Day count basis (see below, default =0).

Return Value

Bond price

Details

Some bonds have an irregular first or last period, so interest payments don't fit a normal schedule. To calculate the price of a bond with an irregular first period, you can use the ODDFPRICE function. The ODDFPRICE Function returns the price per $100 face value of a security having an irregular (short or long) first period. Assume we need to calculate the price per $100 face value of a bond with a first coupon date of 15-Feb-2019. The bond was issued on 1-Dec-2018, matures on 15-Feb-2022, and pays a coupon rate of 5% with a required return of 6%. Payments are semi-annual, the day count basis is US 30/360, and the redemption value is $100. In the example shown, the formula in F5 is: With these inputs, the ODDFPRICE function returns 97.26, with currency number format applied. In Excel, date

Examples

Example

Assume we need to calculate the price per $100 face value of a bond with a first coupon date of 15-Feb-2019. The bond was issued on 1-Dec-2018, mature

EXCEL 
=ODDFPRICE(C9,C11,C8,C10,C6,C7,C5,C12,C13)
Entering dates

In Excel, dates are serial numbers. Generally, the best way to enter valid dates is to use cell references, as shown in the example. To enter valid da

EXCEL 
=ODDFPRICE(DATE(2019,2,1),DATE(2022,2,15),DATE(2018,12,1),DATE(2019,2,15),0.05,0.06,100,2,0)

See Also

PRICE PRICEDISC PRICEMAT ODDFPRICE ODDLPRICE TBILLPRICE