ODDFPRICE

Formulas / ODDFPRICE
Calculate the price per $100 face value for a security with an odd first period.
=ODDFPRICE(sd, md, id, fd, rate, yld, redem, freq, [basis])
  • settlement - the security's settlement date
  • maturity - the security's maturity date
  • last_interest - the security's last coupon date
  • rate - the security's interest rate
  • yld - the security's annual yield
  • redemption - the security's redemption value per $100 face value
  • frequency - the number of coupon payments per year
  • basis - [OPTIONAL] the type of day count basis

Examples

    The ODDFPRICE function calculates the price of a security that pays a series of odd periodic cash flows. This example uses the ODDFPRICE function to calculate the price of a security that pays two cash flows:

  • =ODDFPRICE(DATE(2019,2,1),DATE(2022,2,15),DATE(2018,12,1),DATE(2019,2,15),0.05,0.06,100,2,0)

    The first cash flow is paid on December 1st, 2018, and is worth 100. The second cash flow is paid on February 15th, 2019, and is worth 100. The security pays an annual interest rate of 5% up until February 1st, 2019, and 6% after February 1st, 2019. When the currency number format is applied, the price of the security is 97.26.

    • The ODDFPRICE function can also be used to calculate the price of a security that pays multiple cash flows. This example uses the ODDFPRICE function to calculate the price of a security that pays four cash flows:

  • =ODDFPRICE(DATE(2018,12,1),DATE(2022,3,15),DATE(2018,12,1),DATE(2019,2,15),DATE(2020,4,15),DATE(2021,6,15),0.03,0.05,0.07,0.09,50,4,0)

    The first cash flow is paid on December 1st, 2018, and is worth 50. The second cash flow is paid


Summary

The ODDFPRICE function in Sourcetable is used to calculate the price per $100 face value of a security with an odd first period. It takes five arguments – settlement, maturity, issue, first_coupon, and rate – all of which are calculated as sequential serial numbers.

  • The ODDFPRICE function is used in Sourcetable to return the price per $100 face value of a security with an odd (irregular) first period.
  • The function is useful for accurately pricing bonds that have an uneven time period or have been called or put.
  • The ODDFPRICE function takes the following arguments: Settlement, Maturity, Issue, First Coupon, Rate, Yield, Redemption, Frequency, Basis.
  • The Rate and Yield arguments are used to specify the bond's interest rate. The Frequency argument is used to specify the number of coupon payments per year.
  • The Basis argument is used to specify the day count convention used to calculate the bond's price.

Frequently Asked Questions

What is the ODDFPRICE function?
The ODDFPRICE function calculates the price per $100 face value of a security with an odd first period.
What arguments are required for the ODDFPRICE function?
The following arguments are required for the ODDFPRICE function:
  • first_coupon
  • rate
  • yld
  • redemption
What is the purpose of the first_coupon argument?
The first_coupon argument is the security's first coupon date.
What is the purpose of the rate argument?
The rate argument is the security's interest rate.
What is the purpose of the yld argument?
The yld argument is the security's annual yield.
What is the purpose of the redemption argument?
The redemption argument is the security's redemption value per $100 face value.
Is the basis argument required for the ODDFPRICE function?
No, the basis argument is optional. The basis argument determines the type of day count basis to use.

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