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EXCEL ODDLPRICE FUNCTION
Excel ODDLPRICE Function Introduction
The Oddlprice function in Excel determines the price per $100 full price of a securities with an unusual (short and long) last term.
Description of Excel ODDLPRICE Function
Syntax :
=ODDLPRICE( settlement, maturity, last_interest, rate, yld, redemption, frequency, [basis] )
Parameters :
- Settlement – The ministry’s settlement date .
- Maturity – The security’s mature date.
- Last interest – The latest 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.
- Frequency – The number of coupon payments made every year. This must be one of the numbers 1, 2, or 4, indicating:
1 – Annually
2 – Semi-Annually
4 – Quarterly
- Basis – An optional integer input indicating the financial day count basis to be utilised in the calculation. 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 ODDLPRICE Function
Example :
The Oddlprice function in Excel is used to compute the price per $100 face value of a security with a final interest date of 31-Jan-2017, a settlement date of 14-Apr-2017, and a maturity date of 30-Jun-2017. 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):
Key Points
- #VALUE – Occurs if any of the following conditions are met: the given settlement, maturity, or last interest parameters are not valid Excel dates;Any of the given arguments is not a number.
- #NUM! – Occurs if either: The settlement date specified in the last interest date; The maturity date specified in the settlement date; 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 that any value apart from 0, 1, 2, 3, or 4).
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