Friday, 5 May 2017

Excel - Microsoft Excel Oddlprice Function

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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