ODDLPRICE

Excel Functions

Get price per $100 face value with odd last period

Syntax

EXCEL

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

Arguments

Parameter	Description
`sd`	Settlement date of the security.
`md`	Maturity date of the security.
`id`	Last interest date of security.
`rate`	Interest 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 last period, you can use the ODDLPRICE function. The ODDLPRICE Function returns the price per $100 face value of a security having a short or long last period. Assume we need to calculate the price per $100 face value of a bond with a last interest date of 15-Oct-2017 and a settlement date of 5-Feb-2018. The bond matures on 15-Jun-2018, 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 ODDLPRICE function returns 99.61, with currency number format applied. In Excel, dates ar

Examples

Example

Assume we need to calculate the price per $100 face value of a bond with a last interest date of 15-Oct-2017 and a settlement date of 5-Feb-2018. The

EXCEL

=ODDLPRICE(C8,C10,C9,C6,C7,C5,C11,C12)

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

=ODDLPRICE(DATE(2018,2,5),DATE(2018,6,15),DATE(2017,10,15),0.05,0.06,100,2,0)

ODDLPRICE

Syntax

Arguments

Return Value

Details

Examples

See Also