Manuals/calci/ODDLPRICE

ODDLPRICE (SettlementDate,MaturityDate,LastInterestDate,Rate,Yield,Redemption,Frequency,Basis)

• $SettlementDate$ is the settlement date.
• $MaturityDate$ is the maturity date.
• $LastInterestDate$ is the last interest date.
• $Rate$ is the rate of interest.
• $Yield$ is the yield for annum.
• $Redemption$ is the security's redemption value.
• $Frequency$ is the frequency.
• $Basis$ is the basis.
  • ODDLPRICE(), returns the price per $100 face value of a security with an odd last period.

Description

• This function gives the price of a security that pays interest periodically, but has an odd last coupon period.
• The peroid can be shorter or longer compared with the other periods.
• This function is inverse of the ODDLYIELD.
• In $ODDLPRICE(SettlementDate,MaturityDate,LastInterestDate,Rate,Yield,Redemption,Frequency,Basis)$, $SettlementDate$ is the security's settlementDate. It is a Date or DateTime specifying when the security was purchased.
• $MaturityDate$ is the security's maturity date. This date is after the settlement date specifying when the security matures.
• $LastInterestDate$ is the date which is specifying when the security has its last payment. This date must be before the settlementDate.
• $Rate$ is a non-negative number specifying the interest rate for the coupons that the security pays.
• $Yield$ is the security's yield for an annum which is a nonnegative number.
• $Redemption$ is a number or currency specifying the security’s value at redemption per $100 of face value.
• $Frequency$ is is a number specifying the number of coupons per year.
• The supported values are

 1 -annual payments
 2 -semiannual payments
 4 -quarterly.

• $Basis$ is an optional number specifying the day basis system to use.

Basis	Day count basis
0 or omitted	American 30/360 (default)
1	actual/actual
2	actual/360
3	actual/365
4	European 30/360

• The date arguments must satisfy the following conditions:

       SettlementDate < LastInterestDate < MaturityDate. 

• Also SettlementDate, MaturityDate, LastInterestDate,and Basis are truncated in to integers.
• This function will give the result as error when

  1.The date arguments SettlementDate, MaturityDate and LastInterestDate are not a valid date.
  2.Rate<0 or Yield<0.
  3.Basis<0 or Basis>4.

Examples

	A	B
1	7/18/2006	10/12/2013
2	9/8/2007	3/14/14
3	4/20/2005	5/5/2012
4	3.75%	4.85%
5	5.25%	6.45%
6	110	150
7	2	1
8	0	0

1. =ODDLPRICE(A1,A2,A3,A4,A5,A6,A7,A8) = 107.560579
2. =ODDLPRICE(A1,A2,A3,A4,A5,A6,4,2) = 107.5383470
3. =ODDLPRICE(B1,B2,B3,B4,B5,B6,B7,B8) = 147.83213209
4. =ODDLPRICE(B1,B2,B3,B4,B5,B6,2,3) = 147.82713239

Related Videos

ODDLPRICE

See Also

• DATE
• ODDFPRICE
• ODDFYIELD
• ODDLYIELD

References

• Oddlprice

• List of Main Z Functions

• Z3 home