# The Excel ODDLPRICE Function

Related Functions:
ODDFPRICE
ODDLYIELD

## 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:

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:

 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_interest   <   settlement   <   maturity

Note also, that the settlement, maturity and last_interest arguments should be entered into the Oddlprice function as either:

• References to cells containing dates
or
• Dates returned from formulas.

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.

## 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 interest date of 31-Jan-2017, a settlement date of 14-Apr-2017, and a maturity date 30-Jun-2017. 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-2017
2 Maturity Date: 30-Jun-2017
3 Last Interest Date: 31-Jan-2017
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:

• As recommended, the date arguments have been supplied to the Oddlprice 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 numeric 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).

For further examples of the Excel Oddlprice function, see the Microsoft Office website.

## Oddlprice Function Errors

If you get an error from the Excel Oddlprice function, this is likely to be one of the following:

Common Errors
 #NUM! - Occurs if either: The supplied last_interest date ≥ settlement date; The supplied settlement date ≥ maturity date; 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: The supplied settlement, maturity or last_interest arguments are not a valid Excel dates; Any of the supplied arguments are non-numeric.