Returns the price per $100 face value of a security having an odd (short or long) last coupon period.
If this function is not available, and returns the #NAME? error, install and load the Analysis ToolPak add-in.
Syntax
ODDLPRICE(settlement,maturity,last_interest,rate,yld,redemption,frequency,basis)
Important 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 23rd day of May, 2008. Problems can occur if dates are entered as text.
Settlement is the security's settlement date. The security settlement date is the date after the issue date when the security is traded to the buyer.
Maturity is the security's maturity date. The maturity date is the date when the security expires.
Last_interest is the security's last coupon date.
Rate is the security's interest rate.
Yld is the security's annual yield.
Redemption is the security's redemption value per $100 face value.
Frequency is the number of coupon payments per year. For annual payments, frequency = 1; for semiannual, frequency = 2; for quarterly, frequency = 4.
Basis is the type of day count basis to use.
Basis | Day count basis |
---|---|
0 or omitted | US (NASD) 30/360 |
1 | Actual/actual |
2 | Actual/360 |
3 | Actual/365 |
4 | European 30/360 |
maturity > settlement > last_interest
Example
The example may be easier to understand if you copy it to a blank worksheet.
Selecting an example from Help
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