Manuals/calci/ODDFPRICE

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

• $s$ is the settlement.
• $m$ is the maturity.
• $iss$ is the issue date.
• $fc$ is the first coupon date.
• $r$ is the rate of interest.
• $yld$ is the security's yield.
• $rdm$ is the security's redemption.
• $f$ is the frequency.
• $b$ 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 $ODDFPRICE(s,m,iss,fc,r,yld,rdm,f,b)$,$s$ is the security's settlementDate. It is a Date or DateTime specifying when the security was purchased.
• $m$ is the security's maturity date. This date is after the settlement date specifying when the security matures.
• $iss$ is the date which is specifying when the security was issued.
• $fc$ 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.
• $r$ is a non-negative number specifying the interest rate for the coupons that the security pays.
• $pr$ is a non-negative number or currency specifying the security’s purchase price per $100 of face value.
• $rdm$ is a number or currency specifying the security’s value at redemption per $100 of face value.
• $f$ is is a number specifying the number of coupons per year.

ODDFPRICE is calculated as: $\left[{\frac {redemption}{\left(1+{\frac {yld}{frequency}}\right)^{\left(N-1+{\frac {DSC}{E}}\right)}}}\right]+\left[{\dfrac {100*{\frac {rate}{frequency}}*{\frac {DFC}{E}}}{\left(1+{\dfrac {yld}{frequency}}\right)^{\left({\dfrac {DSC}{E}}\right)}}}\right]+\left[\sum _{k=2}^{N}{\dfrac {100*{\frac {rate}{frequency}}}{\left(1+{\dfrac {yld}{frequency}}\right)^{\left(k-1+{\dfrac {DSC}{E}}\right)}}}\right]-\left[100*{\frac {rate}{frequency}}*{\frac {A}{E}}\right]$

• The supported values are

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

• $b$ 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

• $ODDFPRICE$ is calculated as follows:
• Odd short first coupon:
• $ODDFPRICE$=
• $A$ = number of days from the beginning of the coupon period to the settlement date (accrued days).
• $DSC$ = number of days from the settlement to the next coupon date.
• $DFC$ = number of days from the beginning of the odd first coupon to the first coupon date.
• $E$ = number of days in the coupon period.
• $N$ = 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:
• $ODDFPRICE$=
• $A_{i}$ = number of days from the beginning of the ith, or last, quasi-coupon period within odd period.
• $DC_{i}$ = 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).
• $DSC$ = number of days from settlement to next coupon date.
• $E$ = number of days in coupon period.
• $N$ = 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.)
• $NC$ = number of quasi-coupon periods that fit in odd period. (If this number contains a fraction, it is raised to the next whole number.)
• $NL_{i}$ = normal length in days of the full ith, or last, quasi-coupon period within odd period.
• $Nq$ = 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 $s$, $m$,$iss$,$fc$ and $b$ 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

1. Example 1

Spreadsheet

	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

1. =ODDFPRICE(A1,A2,A3,A4,A5,A6,A7,A8,A9) = 118.7679606261
2. =ODDFPRICE(B1,B2,B3,B4,B5,B6,B7,B8,B9)= 98.2709210000
3. =ODDFPRICE(B1,B2,B3,B4,B5,B6,B7,2,2) =98.3610959065

See Also

• ODDFYIELD
• ODDLPRICE
• ODDLYIELD

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.

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

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• 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:

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ODDFPRICE

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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?

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Syntax

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Remarks

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Examples

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Description

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	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

File:Calci1.gif

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