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:
Where the arguments are as follows:
settlement    The settlement date of the security (i.e. the date that the coupon is purchased).  
maturity    The maturity date of the security (i.e. the date that the coupon expires).  
last_interest    The date of the security's last coupon.  
rate    The security's interest rate.  
yld    The security's annual yield.  
redemption    The security's redemption value per $100 face value.  
frequency    The number of coupon payments per year. This must be either 1, 2 or 4, meaning:
 
[basis]    An optional integer argument which specifies the financial day count basis that is to be used in the calculation. Possible values are:

Note that the date arguments must satisfy the following:
Note also, that the settlement, maturity and last_interest arguments should be entered into the Oddlprice function as either:
Warning: If you input text representations of dates into Excel functions, the interpretion of these can differ, depending to the date system and date interpretation settings on your computer.
In the following spreadsheet, the Excel Oddlprice function is used to calculate the price per $100 face value of a security with a last interest date of 31Jan2011, a settlement date of 14Apr2011, and a maturity date 30Jun2011. 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:
A  B  

1  Settlement Date:  14Apr2011 
2  Maturity Date:  30Jun2011 
3  Last Interest Date:  31Jan2011 
4  =ODDLPRICE( B1, B2, B3, 5.5%, 3.5%, 100, 4 ) 
The above function returns the value 100.4108331.
I.e. a security with the above terms would be valued at $100.41.
Note that, in the above example:
Further examples of the Excel Oddlprice function are provided on the Microsoft Office website.
If you get an error from the Excel Oddlprice function, this is likely to be one of the following:
#NUM!    Occurs if either:

#VALUE    Occurs if either:
