Calculates the price per 100 currency units par value of a security, if the last interest date falls irregularly.
ODDLPRICE(Settlement; Maturity; Last Interest; Rate; Yield; Redemption; Frequency; Basis)
Settlement is the date of purchase of the security.
Maturity is the date on which the security matures (expires).
Last Interest is the last interest date of the security.
Rate is the annual rate of interest.
Yield is the annual yield of the security.
Redemption is the redemption value per 100 currency units of par value.
Frequency is number of interest payments per year (1, 2 or 4).
Basis (optional) is chosen from a list of options and indicates how the year is to be calculated.
|0 or missing||US method (NASD), 12 months of 30 days each|
|1||Exact number of days in months, exact number of days in year|
|2||Exact number of days in month, year has 360 days|
|3||Exact number of days in month, year has 365 days|
|4||European method, 12 months of 30 days each|
Settlement date: February 7 1999, maturity date: June 15 1999, last interest: October 15 1998. Interest rate: 3.75 per cent, yield: 4.05 per cent, redemption value: 100 currency units, frequency of payments: half-yearly = 2, basis: = 0
The price per 100 currency units per value of a security, which has an irregular last interest date, is calculated as follows:
=ODDLPRICE("1999-02-07";"1999-06-15";"1998-10-15"; 0.0375; 0.0405;100;2;0) returns 99.87829.