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Financial function

ODDLPRICE

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

Rarely usedDifficulty 1650 · ExpertUsage rank #483 of 520
Practice · 2 questions →

When to use it

Price per 100 face value of a bond whose last coupon period is odd.

The shape of it

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

Worked examples

  • Odd last coupon

    =ODDLPRICE(DATE(2008,2,7),DATE(2008,6,15),DATE(2007,10,15),0.0375,0.0405,100,2,0) → 99.88

    A 3.75% bond yielding 4.05% near maturity.

  • Near par

    =ODDLPRICE(DATE(2008,2,7),DATE(2008,6,15),DATE(2007,10,15),0.0375,0.0375,100,2,0) → ≈ 100

    Coupon equal to yield.

  • Round trip

    =ODDLYIELD(DATE(2008,2,7),DATE(2008,6,15),DATE(2007,10,15),0.0375,99.87829,100,2,0) → 4.05%

    ODDLYIELD reverses the first example.

Worth knowing

  • last_interest is the last regular coupon date before settlement.
  • ODDLYIELD is the inverse.
  • PRICE when the last period is regular.

Where it goes wrong

  • #NUM! when settlement is on or after maturity or last_interest is not before settlement.
  • Text dates return #VALUE!.

Related

PMTNPVIRRIPMTPPMTPV

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