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:
Basis Day Count Basis
0 (or omitted) US (NASD) 30/360
1 actual/actual
2 actual/360
3 actual/365
4 European 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:

or

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:

  A B
1 Settlement Date: 14-Apr-2011
2 Maturity Date: 30-Jun-2011
3 last_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:


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 date
or
- the settlement date is ≥ maturity date
or
- Invalid 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-numeric
or
- the 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.

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