In this article
ODDLPRICE prices a bond whose last coupon period is irregular.
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Syntax
=ODDLPRICE(settlement, maturity, last_interest, rate, yld, redemption, frequency, [basis])| Argument | What it means |
|---|---|
dates |
Settlement, maturity and other dates as real dates |
rates / prices |
Per 100 of face value where relevant |
basis |
Day-count basis (0 = 30/360, 3 = actual/365) |
Examples
Example 1
=ROUND(ODDLPRICE(DATE(2026,10,5),DATE(2027,2,15),DATE(2026,6,30),A2,B2,100,2,0),3)Result: 100.12. See the worked example table below for more cases.
ODDLPRICE in practice
Where you will use it
- Treasury and bond desks
- Valuing debentures and money-market instruments
- Accrual and audit checks
Worked example
| Rate | Yield | Formula | Result |
|---|---|---|---|
| 0.08 | 0.075 | =ROUND(ODDLPRICE(DATE(2026,10,5),DATE(2027,2,15),DATE(2026,6,30),A2,B2,100,2,0),3) | 100.12 |
| 0.07 | 0.08 | =ROUND(ODDLPRICE(DATE(2026,10,5),DATE(2027,2,15),DATE(2026,6,30),A3,B3,100,2,0),3) | 99.597 |
| 0.09 | 0.09 | =ROUND(ODDLPRICE(DATE(2026,10,5),DATE(2027,2,15),DATE(2026,6,30),A4,B4,100,2,0),3) | 99.925 |
Results calculated in Excel.
Mistakes people make
| Mistake | What to do instead |
|---|---|
| Dates as text | Use DATE() or real date cells |
| Wrong basis | Indian money-market instruments usually use actual/365 (3) |
Related functions
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