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Excel

ODDFPRICE function in Excel

Returns the price per $100 face value of a security with an odd first period

=ODDFPRICE(settlement, maturity, issue, first_coupon, rate, yld, redemption, frequency, [basis])

ODDFPRICE syntax and parameters

Nine arguments, eight required.

  • settlementanyRequired

    The security's settlement date. The security settlement date is the date after the issue date when the security is traded to the buyer.

  • maturityanyRequired

    The security's maturity date. The maturity date is the date when the security expires.

  • issueanyRequired

    The security's issue date.

  • first_couponanyRequired

    The security's first coupon date.

  • ratenumberRequired

    The security's interest rate.

  • yldnumberRequired

    The security's annual yield.

  • redemptionnumberRequired

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

  • frequencynumberRequired

    The number of coupon payments per year. For annual payments, frequency = 1; for semiannual, frequency = 2; for quarterly, frequency = 4.

  • basisnumberOptional

    The type of day count basis to use.

ODDFPRICE examples

Formulas you'll actually reuse.

  1. Price of a bond issued Apr 1 whose first coupon on Sep 15 covers an odd short period:

    =ODDFPRICE(DATE(2026, 5, 15), DATE(2031, 3, 15), DATE(2026, 4, 1), DATE(2026, 9, 15), 5%, 4%, 100, 2, 0)

  2. The same from cells — settlement, maturity, issue, first coupon, rate, yield:

    =ODDFPRICE(B2, C2, D2, E2, F2, G2, 100, 2)

ODDFPRICE in Google Sheets

No direct equivalent — here's the way around.

Try ODDFPRICE in the playground

Edit the example — nothing to install.

Preloaded with the ODDFPRICE formula from Example 1 — change anything and watch it respond.

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ODDFPRICE errors

What they mean — and the fixes.

  • #NUM!

    The dates aren't in the order maturity > first_coupon > settlement > issue.

Related functions

More ways Excel gets this done.