WorksheetFunction.OddLPrice method (Excel)

Article
09/13/2021

Returns the price per $100 face value of a security having an odd (short or long) last coupon period.

Syntax

expression.OddLPrice (Arg1, Arg2, Arg3, Arg4, Arg5, Arg6, Arg7, Arg8)

expression A variable that represents a WorksheetFunction object.

Parameters

Name	Required/Optional	Data type	Description
Arg1	Required	Variant	Settlement - the security's settlement date. The security settlement date is the date after the issue date when the security is traded to the buyer.
Arg2	Required	Variant	Maturity - the security's maturity date. The maturity date is the date when the security expires.
Arg3	Required	Variant	Last_interest - the security's last coupon date.
Arg4	Required	Variant	Rate - the security's interest rate.
Arg5	Required	Variant	Yld - the security's annual yield.
Arg6	Required	Variant	Redemption - the security's redemption value per $100 face value.
Arg7	Required	Variant	Frequency - the number of coupon payments per year. For annual payments, frequency = 1; for semiannual, frequency = 2; for quarterly, frequency = 4.
Arg8	Optional	Variant	Basis - the type of day count basis to use.

Return value

Double

Remarks

Important

Dates should be entered by using the DATE function, or as results of other formulas or functions. For example, use DATE(2008,5,23) for the 23rd day of May, 2008. Problems can occur if dates are entered as text.

The following table describes the values that can be used for Arg8.

Basis	Day count basis
0 or omitted	US (NASD) 30/360
1	Actual/actual
2	Actual/360
3	Actual/365
4	European 30/360

Microsoft Excel stores dates as sequential serial numbers so they can be used in calculations. By default, January 1, 1900 is serial number 1, and January 1, 2008 is serial number 39448 because it is 39,448 days after January 1, 1900. Microsoft Excel for the Macintosh uses a different date system as its default.

Note

Visual Basic for Applications (VBA) calculates serial dates differently than Excel. In VBA, serial number 1 is December 31, 1899, rather than January 1, 1900.

The settlement date is the date a buyer purchases a coupon, such as a bond. The maturity date is the date when a coupon expires. For example, suppose a 30-year bond is issued on January 1, 2008, and is purchased by a buyer six months later. The issue date would be January 1, 2008, the settlement date would be July 1, 2008, and the maturity date would be January 1, 2038, which is 30 years after the January 1, 2008, issue date.

Settlement, maturity, last_interest, and basis are truncated to integers.

If settlement, maturity, or last_interest is not a valid date, OddLPrice returns the #VALUE! error value.

If rate < 0 or if yld < 0, OddLPrice returns the #NUM! error value.

If basis < 0 or if basis > 4, OddLPrice returns the #NUM! error value.

The following date condition must be satisfied; otherwise, OddLPrice returns the #NUM! error value: maturity > settlement > last_interest.

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