Manuals/calci/ODDFPRICE

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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

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

Related Videos

ODDFPRICE

See Also

References