Manuals/calci/ODDFPRICE
ODDFPRICE (SettlementDate,MaturityDate,IssueDate,FirstCouponDate,Rate,Yield,Redemption,Frequency,Basis)
- is the settlement.
- is the maturity.
- is the issue date.
- is the first coupon date.
- is the rate of interest.
- is the security's yield.
- is the security's redemption.
- is the frequency.
- is the basis.
- ODDFPRICE(), returns the price per $100 face value of a security with an odd first period
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 , is the security's settlementDate. It is a Date or DateTime specifying when the security was purchased.
- is the security's maturity date. This date is after the settlement date specifying when the security matures.
- is the date which is specifying when the security was issued.
- 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.
- is a non-negative number specifying the interest rate for the coupons that the security pays.
- is a non-negative number or currency specifying the security’s purchase price per $100 of face value.
- is a number or currency specifying the security’s value at redemption per $100 of face value.
- is is a number specifying the number of coupons per year.
ODDFPRICE is calculated as:
- The supported values are
1 -annual payments 2 -semiannual payments 4 -quarterly.
- 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 |
- is calculated as follows:
- Odd short first coupon:
- =
- = number of days from the beginning of the coupon period to the settlement date (accrued days).
- = number of days from the settlement to the next coupon date.
- = number of days from the beginning of the odd first coupon to the first coupon date.
- = number of days in the coupon period.
- = 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:
- =
- = number of days from the beginning of the ith, or last, quasi-coupon period within odd period.
- = 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).
- = number of days from settlement to next coupon date.
- = 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.)
- = number of quasi-coupon periods that fit in odd period. (If this number contains a fraction, it is raised to the next whole number.)
- = normal length in days of the full ith, or last, quasi-coupon period within odd period.
- = number of whole quasi-coupon periods between settlement date and first coupon.
- The date arguments must satisfy the following conditions:
IssueDate<SettlementDate <FirstCouponDate < MaturityDate.
- Also , ,, and are truncated in to integers.
- This function gives the result as error when
1.The date arguments SettlementDate,MaturityDate and FirstCouponDate are not a valid date. 2.Rate<0 or Yield<0 3.Basis<0 or Basis>4
Examples
A | B | |
---|---|---|
1 | 5/1/2001 | 4/30/1999 |
2 | 3/29/2030 | 1/5/2015 |
3 | 4/10/2001 | 3/10/1999 |
4 | 8/16/2005 | 2/1/2000 |
5 | 8.1% | 9.35% |
6 | 6.9% | 8.76% |
7 | 150 | 75 |
8 | 1 | 1 |
9 | 0 | 0 |
- =ODDFPRICE(A1,A2,A3,A4,A5,A6,A7,A8,A9) = 118.7679606261
- =ODDFPRICE(B1,B2,B3,B4,B5,B6,B7,B8,B9)= 98.2709210000
- =ODDFPRICE(B1,B2,B3,B4,B5,B6,B7,2,2) =98.3610959065
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