The Excel Oddlprice function

FUNCTION DESCRIPTION
The Excel Oddlprice function calculate the price per $100 face value of
a security with an Odd (short or long) last period.

The syntax of the function is:

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

where the argument as follows,

settlement
The settlement date of the security (i.e. the date that the coupon is purchased).

maturity
The maturity date of the security (i.e. the date that the coupon is expires).
last_interest
The date of the security’s last coupon.

rate
The security’s annual yield.

redemption
The security’s redemption value per $100 face value.

frequency
The number of coupon payments per year. This must be either 1, 2 or 4
meaning:

1 - Annually
2 - Semi-Annually
4 - Quarterly
[basis]
An optional integer argument which specifies the financial day count
basis that is to be used in the calculation. Possible values are:
Basis Day Basis

0 (or omitted) US (NASD) 30/360

1 Actual/actual

2 Actual/360

3 Actual/365
4 European 30/360

Note that the date arguments must satisfy the following:

last_interest < settlement < maturity

Note also, that the settlement, maturity and last_interest arguments should be
entered into the Oddlprice function as either:

-References to cells containing dates

or
-Dates returned from formulas.

Warning: If you input text representations of dates into Excel functions, the
interpretation of these can differ, depending to the date system and date
interpretation settings on your computer.
Excel Oddlprice Function Example

In the following spreadsheet, the Excel Oddlprice function is used to calculate

the price per $100 face value of a security with a last interest date of 31-Jan-2017, a
Settlement date of 14-Apr-2017, and a maturity date 30-jun-2017. The rate of interest is
5.5%, the annual yield is 3.5% and the redemption value is $100. Payments are made
quarterly and the US (NASD) 30/360 day count basis is used:

A B
1 Settlement Date: 14-apr-2017
2 Maturity Date: 30-jun-2017
3 Last Interest Date 31-jan-2017
4 =ODDLPRICE(B1, B2, B3, 5.5%, 3.5%, 100,
4)
The above function returns the value 100.4108331.
i.e. a security with the above terms would be valued at $100.41.

Note that, in the above example:

As recommended, the date arguments have been supplied to the Oddlprice
function as references to cells containing dates;
The rate and yld arguments are input as percentages 5.5% and 3.5%.
However, these arguments could, instead be entered as the simple numeric values
0.055 and 0.035;
As [basis] argument has been omitted, the function uses the default value 0
(denoting the US (NADS) 30/360 day count.