ODDLPRICE Function Explained
The ODDLPRICE Function in Microsoft Excel returns the price per $100 face value of a security that has an odd first period. It takes three arguments: settlement, maturity, and issue. The settlement argument is the security’s settlement date, the maturity argument is the security’s maturity date, and the issue argument is the security’s issue date.
ODDLPRICE Function Syntax
ODDLPRICE(settlement, maturity, last_interest, rate, yld, redemption, frequency, [basis])
- 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.
- maturity: The security’s maturity date. The maturity date is the date when the security expires.
- last_interest: The security’s last coupon date.
- rate: The security’s interest rate.
- yld: The security’s annual yield.
- redemption: The security’s redemption value per $100 face value.
- frequency: The number of coupon payments per year.
- basis: The type of day count basis to use. 0 or omitted for US (NASD) 30/360; 1 for Actual/actual; 2 for Actual/360; 3 for Actual/365; 4 for European 30/360.