# Documentation/Calc Functions/ODDLPRICE

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ODDLPRICE

## Category:

Financial Analysis

## Summary:

Calculates the price per 100 currency units par value of a security, if the last interest date falls irregularly.

## Syntax:

ODDLPRICE(Settlement; Maturity; Last Interest; Rate; Yield; Redemption; Frequency[; Basis])

## Returns:

Returns a real number which is the value of a security per 100 currency units of face value. The security has an irregular last interest date.

## Arguments:

Settlement is a date or a reference to a cell containing that date which is the date of purchase of the security.

Maturity is a date or a reference to a cell containing that date which is the date on which the security matures (expires).

Last Interest is a date or a reference to a cell containing that date which is the last interest date of the security.

Rate is a positive real number or a reference to a cell containing that number which is the annual rate of interest (coupon interest rate).

Yield is a positive real number or a reference to a cell containing that number which is the annual yield of the security.

Redemption is a positive real number or a reference to a cell containing that number which is the redemption value per 100 currency units of par value.

Frequency is a positive integer or a reference to a cell containing that integer which is the number of interest payments per year (1, 2, or 4).

Frequency Frequency
1 Annual
2 Semiannual
4 Quarterly

Basis is a positive integer from 0 to 4 or a reference to a cell containing that integer which is chosen from a list of options and indicates how the year is to be calculated. For more information, visit Wikipedia's Day count convention page.

Basis Calculation
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.

• If Yield less than 0 then the function returns an error value.
• If either Last Interest, FirstInterest, Maturity or Settlement is not valid dates then the function returns an value(#VALUE!) error.
• If Settlement date is after the Maturity date then the function returns an error value.
• If Rate is less than or equal to 0 then the function will return an error value.
• If Issue date is after the Settlement date then the function returns an error value.
• If Frequency, and Basis are non-integer values, then the function uses their floor value, i.e. they are truncated to an integer value.
• After truncation if Frequency is any number except 1,2 or 4, then the function returns an error value.
• After truncation if Basis is any number except 0,1,2,3,4 or missing (passed as empty argument or not passed at all),then the function will return an error value.

None

## Examples:

Formula Description Returns
=ODDLPRICE("1999-02-07";"1999-06-15";"1998-10-15"; 0.0375; 0.0405;100;2;2) 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: = 2. The function calculates the price per 100 currency units per value of a security, which has an irregular last interest date. 99.877842402734
=ODDLPRICE("1999-02-07";"1999-06-15";"1998-10-15"; 0.0375; 0.0405;100;2) 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 (by default). The function calculates the price per 100 currency units per value of a security, which has an irregular last interest date. 99.8782860147214
=ODDLPRICE("1999-02-07.05";"1999-06-15";"1998-10-15"; 0.0375; 0.0405;100;2) The function returns an error value if either Settlement or Maturity are not valid dates. #VALUE!
=ODDLPRICE("2000-07-07";"1999-06-15";"1998-10-15"; 0.0375; 0.0405;100;2) The function returns an error when Settlement date is after the Maturity date. Err:502

ODDLPRICE