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Financial function

ODDFPRICE

Returns the price per 100 face value of a security with an odd first period.

Rarely usedDifficulty 1650 · ExpertUsage rank #481 of 520
Practice · 2 questions →

When to use it

Price per 100 face value of a bond whose first coupon period is longer or shorter than the others.

The shape of it

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

Worked examples

  • Odd first coupon

    =ODDFPRICE(DATE(2008,11,11),DATE(2021,3,1),DATE(2008,10,15),DATE(2009,3,1),0.0785,0.0625,100,2,1) → 113.60

    A 7.85% bond yielding 6.25% with an odd first period.

  • Near par

    =ODDFPRICE(DATE(2008,11,11),DATE(2021,3,1),DATE(2008,10,15),DATE(2009,3,1),0.0625,0.0625,100,2,1) → ≈ 100

    Coupon equal to yield prices near par.

  • Round trip

    =ODDFYIELD(DATE(2008,11,11),DATE(2021,3,1),DATE(2008,10,15),DATE(2009,3,1),0.0785,113.5977,100,2,1) → 6.25%

    ODDFYIELD reverses the first example.

Worth knowing

  • Issue, settlement, first coupon, and maturity must be in that order.
  • ODDFYIELD is the inverse.
  • Use PRICE when the first period is regular.

Where it goes wrong

  • #NUM! when the dates are out of order.
  • Text dates return #VALUE!.

Related

PMTNPVIRRIPMTPPMTPV

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