Description
OddFPrice returns the price of a security that pays interest periodically, but has an odd first period.
Overloads
OddFPrice (settlementDate, maturityDate, issueDate, firstCouponDate, rate, yield, redemptionValue, frequency)
OddFPrice (settlementDate, maturityDate, issueDate, firstCouponDate, rate, yield, redemptionValue, frequency, basis)
Arguments
settlementDate is a
Date or
DateTime specifying when the security was purchased.
maturityDate is a
Date or
DateTime after the settlement date specifying when the security matures.
issueDate is a
Date or
DateTime specifying when the security was issued.
firstCouponDate is a
Date or
DateTime specifying when the security has its first interest payment. This date must be after the settlement date but before the maturity date. For example, if the security pays quarterly then the first coupon date must be an exact number of quarters before the maturity date.
rate is a non-negative number specifying the interest rate for the coupons that the security pays.
yield is a non-negative number specifying the security's yield.
redemptionValue is a number or currency specifying the security's value at redemption per $100 of face value.
frequency is a number specifying the number of coupons per year. The supported values are 1 (annual payments), 2 (semiannual payments), and 4 (quarterly).
basis is an optional number specifying the day basis system to use. The following types are supported:
0 - American 30/360 (default)
Action
OddFPrice returns the price of a security that pays interest periodically, but has an odd first period. The first period can be shorter or longer than the other periods.
Examples
Suppose a bond was issued on October 15, 1999 that had a first coupon date of September 1, 2000 and a maturity of September 1, 2005. The bond's interest rate was 4.5% and yield was 5%. The bond has semiannual interest payments (after the first odd period), a $100 redemption price (per $100 of face value) and uses a 30/360 basis. If the bond is purchased on January 22, 2000 then the following formula calculates the bond's price.
OddFPrice (DateValue(2000,1,22), DateValue(2005,9,1), DateValue(1999,10,15), DateValue (2000,9,1), 0.045, 0.05, 100, 2, 0)
Returns $97.54. Note that this function calculates the price given the yield while the OddFYield function calculates the yield given the price.
Comments
This function is similar to the Excel function of the same name.
This function is the inverse of the related OddFYield function.