Description
OddLPrice returns the price of a security that pays interest periodically but has an odd last period.
Overloads
OddLPrice (settlementDate, maturityDate, lastInterestDate, rate, yield, redemptionValue, frequency)
OddLPrice (settlementDate, maturityDate, lastInterestDate, 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.
lastInterestDate is a
Date or
DateTime specifying when the security has its last payment. This date must be before the settlementDate.
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
OddLPrice returns the price of a security that pays interest periodically but has an odd last period. The last period can be shorter or longer than the other periods.
Examples
Suppose a bond matured on June 25, 2000 that had an interest rate of 4.5% and a yield of 4.15%. The last interest date before maturity was September 30, 1999 and the bond was purchased on January 10, 2000. With quarterly interest payments, a $100 redemption price and a 30/360 basis, the purchase price can be found using the following formula:
OddLPrice(DateValue(2000,1,10), DateValue(2000,6,25), DateValue(1999,9,30), 0.045, 0.0415, 100, 4, 0)
Returns $100.13 (rounded to the nearest cent).
Comments
This function is similar to the Excel function of the same name.
This function is the inverse of the related function OddLYield.