Financial All versions ◉ 18 views

=ODDFPRICE()

Returns the price per $100 face value of a security having an odd (short or long) first period.

Applies To: Excel for Microsoft 365Excel for Microsoft 365 for MacExcel 2024Excel 2024 for MacExcel 2021Excel 2021 for MacExcel 2019Excel 2016

=ODDFPRICE(settlement, maturity, issue, first_coupon, rate, yld, redemption, frequency, [basis])

Hover argument names in the table for details.

Output typeNumber

Popularity3 / 100

VolatileNo

Dynamic ArrayNo

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◧ Arguments

Argument	Type	Required	Description
`settlement`	Date	Required	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`	Date	Required	The security's maturity date. The maturity date is the date when the security expires.
`issue`	Date	Required	The security's issue date.
`first_coupon`	Date	Required	The security's first coupon date.
`rate`	Number	Required	The security's interest rate.
`yld`	Number	Required	The security's annual yield.
`redemption`	Number	Required	The security's redemption value per $100 face value.
`frequency`	Number	Required	The number of coupon payments per year. For annual payments, frequency = 1; for semiannual, frequency = 2; for quarterly, frequency = 4.
`basis`	Date	Optional	The type of day count basis to use. 0 or omitted = US (NASD) 30/360; 1 = Actual/actual; 2 = Actual/360; 3 = Actual/365; 4 = European 30/360.

▣ Examples

▦ Data

Cell	Value
`A2`	11/11/2008
`B2`	Settlement date
`A3`	3/1/2021
`B3`	Maturity date
`A4`	10/15/2008
`B4`	Issue date
`A5`	3/1/2009
`B5`	First coupon date
`A6`	7.85%
`B6`	Percent coupon
`A7`	6.25%
`B7`	Percent yield
`A8`	$100.00
`B8`	Redemptive value
`A9`	2
`B9`	Frequency is semiannual
`A10`	1
`B10`	Actual/actual basis
`A11`	11/11/2008
`B11`	Settlement date
`A12`	3/1/2021
`B12`	Maturity date
`A13`	10/15/2008
`B13`	Issue date
`A14`	3/1/2009
`B14`	First coupon date
`A15`	7.85%
`B15`	Percent coupon
`A16`	6.25%
`B16`	Percent yield
`A17`	$100.00
`B17`	Redemptive value
`A18`	2
`B18`	Frequency is semiannual
`A19`	1
`B19`	Actual/actual basis

The price per $100 face value of a security having an odd (short or long) first period, for the bond using the terms in cells A2:A10 as arguments for the function. =ODDFPRICE(A2, A3, A4, A5, A6, A7, A8, A9, A10)

Result: $ 113.60

§ Remarks

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. The issue date would be January 1, 2008, the settlement date would be July 1, 2008, and 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, issue, or first_coupon is not a valid date, ODDFPRICE returns the #VALUE! error value.
If rate < 0 or if yld < 0, ODDFPRICE returns the #NUM! error value.
If basis < 0 or if basis > 4, ODDFPRICE returns the #NUM! error value.
The following date condition must be satisfied; otherwise, ODDFPRICE returns the #NUM! error value: maturity > first_coupon > settlement > issue
ODDFPRICE is calculated as follows: Odd short first coupon: where: A = number of days from the beginning of the coupon period to the settlement date (accrued days). DSC = number of days from the settlement to the next coupon date. DFC = number of days from the beginning of the odd first coupon to the first coupon date. E = number of days in the coupon period. N = number of coupons payable between the settlement date and the redemption date. (If this number contains a fraction, it is raised to the next whole number.) Odd long first coupon: where: Ai = number of days from the beginning of the ith, or last, quasi-coupon period within odd period. DCi = number of days from dated date (or issue date) to first quasi-coupon (i = 1) or number of days in quasi-coupon (i = 2,..., i = NC). DSC = number of days from settlement to next coupon date. E = number of days in coupon period. N = number of coupons payable between the first real coupon date and redemption date. (If this number contains a fraction, it is raised to the next whole number.) NC = number of quasi-coupon periods that fit in odd period. (If this number contains a fraction, it is raised to the next whole number.) NLi = normal length in days of the full ith, or last, quasi-coupon period within odd period. Nq = number of whole quasi-coupon periods between settlement date and first coupon.

✦ Tips

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.
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. The issue date would be January 1, 2008, the settlement date would be July 1, 2008, and 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.

⚠ Common Errors

#VALUE! If settlement, maturity, issue, or first_coupon is not a valid date, ODDFPRICE returns the #VALUE! error value.

Fix: تاریخ‌ها را با تابع DATE وارد کنید و از معتبر بودن آن‌ها مطمئن شوید.

#NUM! If rate < 0 or if yld < 0, ODDFPRICE returns the #NUM! error value. If basis < 0 or if basis > 4, ODDFPRICE returns the #NUM! error value. The following date condition must be satisfied; otherwise, ODDFPRICE returns the #NUM! error value: maturity > first_coupon > settlement > issue

=ODDFPRICE()

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◧ Arguments

▣ Examples

§ Remarks

✦ Tips

⚠ Common Errors

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◧ Arguments

▣ Examples

§ Remarks

✦ Tips

⚠ Common Errors

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=ODDFPRICE()