Manuals/calci/ODDFPRICE

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ODDFPRICE(s,m,iss,fc,r,yld,rdm,f,b)


  • Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle s } is the settlement.
  • Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle m } is the maturity.
  • Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle iss } is the issue date.
  • Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle fc } is the first coupon date.
  • Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle r } is the rate of interest.
  • Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle yld } is the security's yield.
  • Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle rdm } is the security's redemption.
  • Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle f } is the frequency.
  • Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle b } is the basis.


Description

  • This function gives the price of a security that pays interest periodically, but has an odd first period.
  • This function is the inverse of the related OddFYield function.
  • In Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle ODDFPRICE(s,m,iss,fc,r,yld,rdm,f,b)} ,Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle s } is the security's settlementDate. It is a Date or DateTime specifying when the security was purchased.
  • Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle m } is the security's maturity date. This date is after the settlement date specifying when the security matures.
  • Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle iss } is the date which is specifying when the security was issued.
  • Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle fc } is the date which is specifying when the security has its first interest payment. This date must be after the settlement date but before the maturity date.
  • Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle r } is a non-negative number specifying the interest rate for the coupons that the security pays.
  • Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle pr } is a non-negative number or currency specifying the security’s purchase price per $100 of face value.
  • Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle rdm } is a number or currency specifying the security’s value at redemption per $100 of face value.
  • Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle f } is is a number specifying the number of coupons per year.
  • The supported values are
 1 -annual payments
 2 -semiannual payments
 4 -quarterly.
  • Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle b } is is an optional number specifying the day basis system to use.
  • The following types are supported
Basis Day count basis
0 or omitted American 30/360 (default)
1 actual/actual
2 actual/360
3 actual/365
4 European 30/360
  • Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle ODDFPRICE } is calculated as follows:
  • Odd short first coupon:
  • Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle ODDFPRICE} =
  • Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle A } = number of days from the beginning of the coupon period to the settlement date (accrued days).
  • Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle DSC } = number of days from the settlement to the next coupon date.
  • Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle DFC } = number of days from the beginning of the odd first coupon to the first coupon date.
  • Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle E } = number of days in the coupon period.
  • Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle N } = number of coupons payable between the settlement date and the redemption date. (If this number contains a fraction, it is raised to the next whole number.)
  • Odd long first coupon:
  • Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle ODDFPRICE} =
  • Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle A_i} = number of days from the beginning of the ith, or last, quasi-coupon period within odd period.
  • Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle DC_i} = number of days from dated date (or issue date) to first quasi-coupon (i = 1) or number of days in quasi-coupon (i = 2,..., i = NC).
  • Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle DSC } = number of days from settlement to next coupon date.
  • Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle E } = number of days in coupon period.
  • = number of coupons payable between the first real coupon date and redemption date. (If this number contains a fraction, it is raised to the next whole number.)
  • Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle NC } = number of quasi-coupon periods that fit in odd period. (If this number contains a fraction, it is raised to the next whole number.)
  • Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle NL_i} = normal length in days of the full ith, or last, quasi-coupon period within odd period.
  • Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle Nq} = number of whole quasi-coupon periods between settlement date and first coupon.
  • The date arguments must satisfy the following conditions:
     iss(issue)<s(settlement) <fc(first coupon) < m(maturity).
  • Also Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle s} , Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle m} ,Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle iss} ,Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle fc} and Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle b} are truncated in to integers.
  • This function gives the result as error when
    1.The date arguments s,m and fc are not a valid date.
    2.r<0 or yld<0
    3.b<0 or b>4

Examples

See Also

References

s is the settlement,m is the maturity, , fc ,r is the rate of interest, is the security’s , rdm is the security's redemption,f is the frequency and b is the basis.



 ODDFPRICE(settle, M, I, FC, R, yield, redem, F, basis)

Where 'settle' is the security's settlement date, 'M' is the security's maturity date, 'I' is the security's issue date, 'FC' is the security's first coupon date, 'R' is the security's interest rate, 'Yield' is the security's annual yield, 'redem' is the security's redemption value, 'F' is the number of coupon payments per year and 'basis' is the type of day count basis to use.

 

This function calculates the price per $100 face value of a security having an odd first period.

 
  • ODDFPRICE shows the error value, when 'settle', 'M', 'I', or 'FC' is not a valid date or 'R' or 'Yield' < 0.
  • Basis must be between 0 and 4.
  • M >FC > settle > I
  • ODDFPRICE is calculated as follows:





ODDFPRICE

Lets see an example,

ODDFPRICE(settle, M, I, FC, R, yield, redem, F, basis)

B

10-15- 2010

01-10-2023

09-15-2010

01-10-2011

8.35%

5.25%

100

2

1

?UNIQ274ac2406bae61f2-nowiki-00000002-QINU?

Syntax
Remarks
Examples
Description
Column1 Column2 Column3 Column4
Row1 10-15- 2010 127.7338
Row2 01-10-2023
Row3 09-15-2010
Row4 01-10-2011
Row5 8.35%
Row6 5.25%
Row7 100
Row8 2
Row9 1
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