ODDFPRICE Function
Calculates the price of a security with an odd first coupon period.
Syntax
Parameters
| Parameter | Description | Required |
|---|---|---|
| settlement | Date the security is purchased. | Required |
| maturity | Date the security expires. | Required |
| issue | Date the security was issued. | Required |
| first_coupon | Date of the first coupon payment. | Required |
| rate | Annual coupon rate. | Required |
| yld | Annual yield to maturity. | Required |
| redemption | Redemption value per $100 face value. | Required |
| frequency | Number of coupon payments per year (1, 2, or 4). | Required |
| basis | Day-count convention (0 = US 30/360, default). | Optional |
Basic Example
Price of a bond with an odd first coupon period
=ODDFPRICE(DATE(2024,4,1), DATE(2034,4,1), DATE(2024,1,1), DATE(2024,7,1), 0.05, 0.06, 100, 2)Calculates the price of a bond issued January 1, 2024 with a first coupon on July 1, 2024.
Advanced Examples
Example 1: With actual/actual basis
Treasury bondUse basis 1 for actual/actual
=ODDFPRICE(DATE(2024,4,1), DATE(2034,4,1), DATE(2024,1,1), DATE(2024,7,1), 0.05, 0.06, 100, 2, 1)How ODDFPRICE Works
ODDFPRICE handles bonds where the first coupon period is longer or shorter than a standard coupon period. It adjusts the price to account for the irregular accrual period.
Important Notes & Limitations
All dates must be valid Excel dates.
The first coupon date must be after the issue date but before maturity.
Settlement must be before maturity.
Common Errors & Fixes
#NUM! errorInvalid dates or rates.Fix: Verify the date order and that all inputs are valid.
#VALUE! errorDates are not recognized.Fix: Use DATE function or valid date serial numbers.
Download Practice File
ODDFPRICE
oddfpricePractice ODDFPRICE with Real Data
Download a sample CSV file with pre-populated data and practice exercises for the ODDFPRICE function. Works in both Excel and Google Sheets.
File format: CSV (comma-separated values) - opens in Excel, Google Sheets, and all spreadsheet apps