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EXCEL ODDFPRICE FUNCTION
Excel ODDFPRICE Function Introduction
The Oddfprice function in Excel determines the price per $100 current prices of a security with an odd (brief or medium) first period.
Description of Excel ODDFPRICE Function
Syntax :
=ODDFPRICE( settlement, maturity, issue, first_coupon, rate, yld, redemption, frequency, [basis] )
Parameters :
- Settlement – The security’s settlement date (i.e. the date that the coupon is purchased).
- Maturity – The security’s maturity date (i.e. the date that the coupon expires). The date on which the insurance was issued. first
- Coupon – The first coupon date for the security.
- Rate – The interest rate on the security.
- Yld – The yearly yield of the security.
- Redemption – The redemption value of the securities per $100 full price. The number of coupon payments made every year. It has to be among the following:
1 – Annually
2 – Semi-Annually
4 – Quarterly - Basis – An optional integer input that sets the security’s financial day count basis. Possible values include:
| Basis | Day Count Basis |
|---|---|
| 0 (or omitted) | US (NASD) 30/360 |
| 1 | actual/actual |
| 2 | actual/360 |
| 3 | actual/365 |
| 4 | European 30/360 |
Step By Step Guide of ODDFPRICE Function
Example :
The Excel Oddfprice function is used to compute the price per $100 face value of a security having an issuance date of December 1, 2016, a settlement date of February 1, 2017, a first coupon date of March 31, 2017, and a maturity date of March 31, 2021. The interest rate is 5.5 percent, the yield is 3.5 percent, and the redemption value is $100. Payments are made quarterly on a 30/360 day count basis in the United States (NASD): The above function yields the result 106.771695.
Key Points
- #NUM! – Happens if either: The provided issue date and settlement date; The provided settlement date, first coupon date; The given maturity date for the first coupon; For the rate, yld, redemption, frequency, or [base] arguments, invalid numbers are specified. (That is, if any of the following conditions are met: rate 0; yld 0; redemption 0; frequency is any number other than 1, 2, or 4; or [base] is any number other than 0, 1, 2, 3, or 4).
- #VALUE! – Occurs if any of the following conditions are met: the supplied settlement, maturity, issue, or first coupon arguments are not valid Excel dates; or any of the supplied arguments is non-numeric.
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