Description
The Excel Oddlprice function calculates the price, per $100 face value of a security with an odd (short or long) last period.
The syntax of the function is :
ODDLPRICE( settlement, maturity, last_interest, rate, yld, redemption, frequency, [basis] )
Where the arguments are as follows:
Note that the date arguments must satisfy the following:
last_coupon < settlement < maturity
Note also, that the settlement, maturity and last_interest arguments should be entered into the function as either:
Excel Oddlprice Function Example
In the following spreadsheet, the Excel Oddlprice function is used to calculate the price per $100 face value of a security with a last coupon date of 31-Jan-2011, a settlement date of 14-Apr-2011, and a maturity date 30-Jun-2011. 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:
The function calculates the price per $100 face value to be $100.41.
Oddlprice Function Errors
The most common Oddlprice function errors and their causes are listed in the following table:
Common Errors
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