Excel - Microsoft Excel Oddfprice Function

Description

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

The syntax of the function is : 

ODDFPRICE( settlement, maturity, issue, first_coupon, rate, yld, redemption, frequency, [basis] ) 

Where the arguments are as follows: 

Note that the date arguments must satisfy the following: 

issue   <   settlement   <   first_coupon   <   maturity 

Note also, that the settlement, maturity, issue and first_coupon arguments should be entered into the function as either: 

• References to cells containing dates

or 

• Dates returned from other functions or formulas

Warning: 

Excel Oddfprice Function Example

In the following spreadsheet, the Excel Oddfprice function is used to calculate the price per $100 face value of a security with issue date 01-Dec-2010, settlement date 01-Feb-2011, first_coupon date 31-Mar-2011 and the maturity date 31-Mar-2015. The rate of interest is 5.5%, the annual yield is 3.5% and the redemption value is $100. Payments are made quarterly and the US (NASD) 30/360 day count basis is used: 

Oddfprice Function Errors

The following table lists the most common Oddfprice function errors: 

Common Errors