Description

The ODDLPRICE function returns the price per $100 face value of a security having an odd (short or long) last coupon period.

Syntax

ODDLPRICE (settlement, maturity, last_interest, rate, yld, redemption, frequency, [basis])

Argument	Description	Required/ Optional
Settlement	The security's settlement date. The security settlement date is the date after the issue date when the security is traded to the buyer.	Required
Maturity	The security's maturity date. The maturity date is the date when the security expires.	Required
Last_interest	The security's last coupon date.	Required
Yld	The security's annual yield.	Required
Redemption	The security's redemption value per $100 face value.	Required
Frequency	The number of coupon payments per year. for annual payments, frequency = 1 for semiannual, frequency = 2 for quarterly, frequency = 4	Required
Basis	The type of day count basis to use. Look at the Day Count Basis Table given below.	Optional

Dates should be entered by using the DATE Function, or as results of other formulas or functions. For example, use DATE (2008,5,23) for the 23^rd day of May, 2008. Problems can occur if dates are entered as text.
Microsoft Excel stores dates as sequential serial numbers so they can be used in calculations. By default, January 1, 1900 is serial number 1, and January 1, 2008 is serial number 39448 because it is 39,448 days after January 1, 1900
The settlement date is the date a buyer purchases a coupon, such as a bond.
The maturity date is the date when a coupon expires.
For example, suppose a 30-year bond is issued on January 1, 2008, and is purchased by a buyer six months later, then −
- the issue date would be January 1, 2008.
- the settlement date would be July 1, 2008.
- the maturity date would be January 1, 2038, which is 30 years after the January 1, 2008, issue date.
Settlement, maturity, issue, first_coupon, and basis are truncated to integers.
If settlement, maturity, or last_interest is not a valid Excel date, ODDLPRICE returns the #VALUE! error value.
If any of the specified arguments is non-numeric, ODDLPRICE returns the #VALUE! error value.
If rate < 0 or if yld < 0, ODDLPRICE returns the #NUM! error value.
If basis < 0 or if basis > 4, ODDLPRICE returns the #NUM! error value.
The following date condition must be satisfied; otherwise, ODDLPRICE returns the #NUM! error value −

maturity > settlement > last_coupon

Excel 2007, Excel 2010, Excel 2013, Excel 2016