# The Excel ODDLPRICE Function

Related Functions:
ODDFPRICE
ODDLYIELD

## Basic 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:

settlement-The settlement date of the security (ie. the date that the coupon is purchased)
maturity-The maturity date of the security (ie. 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:
 1 - Annually 2 - Semi-Annually 4 - Quarterly
[basis]-An optional integer argument which specifies the financial day count basis that is to be used in the calculation. Possible values are:
BasisDay Count Basis
0 (or omitted)US (NASD) 30/360
1actual/actual
2actual/360
3actual/365
4European 30/360
The financial day count basis rules are explained in detail on the Wikipedia Day Count Convention page

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:

• References to cells containing dates
or
• Dates returned from other functions or formulas

Warning:

• If you input the date arguments as text, these may be interpreted differently, depending on the date system and date interpretation settings on your computer.
• You can input the date arguments as serial numbers, but this is not recommended, as date serial numbering varies across different computer systems.

## 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:

AB
1Settlement Date:14-Apr-2011
2Maturity Date:30-Jun-2011
3last_interest Date:31-Jan-2011
4=ODDLPRICE( B1, B2, B3, 5.5%, 3.5%, 100, 4 )

The function calculates the price per \$100 face value to be \$100.41.

Note that, in the above example:

• As recommended, the date arguments have been supplied to the function as references to cells containing dates.
• The rate and yld arguments are input as percentages 5.5% and 3.5%. However, these arguments could, instead, be entered as the simple numerical values 0.055 and 0.035
• As [basis] argument has been omitted, the function uses the default value 0 (denoting the US (NADS) 30/360 day count basis).

Further examples of the Excel Oddlprice function can be found on the Microsoft Office website.

## Oddlprice Function Errors

The most common Oddlprice function errors and their causes are listed in the following table:

Common Errors
 #NUM! - Occurs if either:the last_coupon date is ≥ settlement datethe settlement date is ≥ maturity dateInvalid numbers are supplied for the rate, yld, redemption, frequency or basis arguments(i.e. if either: rate < 0; yld < 0; redemption ≤ 0; frequency is any number other than 1, 2 or 4; or basis is any number other than 0, 1, 2, 3 or 4) #VALUE - Occurs if either:any of the supplied arguments are non-numericthe supplied settlement, maturity or last_interest arguments are not a valid Excel dates #NAME? - Occurs when Analysis ToolPak add-in is not enabled in your Excel.You will need to enable the add-in if you want to use the Excel Oddlprice function.