Quick Answer

ODDLPRICE Function

Calculates the price of a security with an odd last coupon period.

Syntax

ODDLPRICE

(settlement, maturity, last_interest, rate, yld, redemption, frequency, [basis])

Parameters

Parameter	Description	Required
settlement	Date the security is purchased.	Required
maturity	Date the security expires.	Required
last_interest	Date of the last coupon payment before settlement.	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 last coupon period

=ODDLPRICE(DATE(2024,4,1), DATE(2034,4,1), DATE(2024,1,1), 0.05, 0.06, 100, 2)

ResultPrice per $100 face value

Calculates the price of a bond with a last coupon period that is not standard.

Advanced Examples

Example 1: With actual/actual basis

Treasury bond

Use basis 1 for actual/actual

=ODDLPRICE(DATE(2024,4,1), DATE(2034,4,1), DATE(2024,1,1), 0.05, 0.06, 100, 2, 1)

Result: Price using actual/actual

Basis 1 is common for Treasury bonds.

How ODDLPRICE Works

ODDLPRICE handles bonds where the last coupon period is shorter or longer than a standard coupon period. It adjusts the price for the irregular accrual.

1

Enter settlement

Type the settlement

2

Enter maturity

Type the maturity

3

Enter last_interest

Type the last_interest

4

Enter rate

Type the rate

5

Calculate

Press Enter to get the result.

Important Notes & Limitations

All dates must be valid Excel dates.
Last interest date must be before maturity but after the issue date.
Settlement must be before maturity.

Common Errors & Fixes

#NUM! errorInvalid dates or rates.

Fix: Verify all inputs and date order.

#VALUE! errorDates are not recognized.

Fix: Use DATE function or valid date serial numbers.

Download Practice File

Practice ODDLPRICE with Real Data

Download a sample CSV file with pre-populated data and practice exercises for the ODDLPRICE function. Works in both Excel and Google Sheets.

Works in Google SheetsCompatible with ExcelIncludes exercises

File format: CSV (comma-separated values) - opens in Excel, Google Sheets, and all spreadsheet apps

Related Functions

ACCRINT

Calculates accrued interest for a security that pays periodic interest.

ACCRINTM

Calculates accrued interest for a security that pays interest at maturity.

AMORDEGRC

Calculates depreciation for a specific period using the French declining balance method.

AMORLINC

Calculates depreciation for a specific period using the French straight-line method.

COUPDAYBS

Calculates the number of days from the beginning of the coupon period to the settlement date.

COUPDAYS

Calculates the number of days in the coupon period that contains the settlement date.

Frequently Asked Questions

What is an odd last coupon period?

It is a final coupon period that is not a standard length because the bond matures on an off-cycle date.

When is ODDLPRICE used?

It is used for bonds that mature on a date that does not align with the coupon schedule.