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ODDFPRICE Function
Summary
The ODDFPRICE function calculates the price per $100 face value of a security with an irregular first coupon period. Ideal for bonds where the initial payment doesn't align with standard coupon intervals.
Syntax
ODDFPRICE(settlement, maturity, issue, first_coupon, rate, yld, redemption, frequency, [basis])Parameters
| Parameter | Type | Required | Description |
|---|---|---|---|
| settlement | Date |
Yes | Security's settlement date - when traded to buyer after issue |
| maturity | Date |
Yes | Security's maturity date - when it expires |
| issue | Date |
Yes | Security's issue date |
| first_coupon | Date |
Yes | Date of the first coupon payment |
| rate | Number |
Yes | Security's annual interest rate (coupon rate) |
| yld | Number |
Yes | Security's annual yield |
| redemption | Number |
Yes | Redemption value per $100 face value (typically 100) |
| frequency | Number |
Yes | Coupon payments per year: 1=annual, 2=semiannual, 4=quarterly |
| basis | Number |
No | Day count basis (0=30/360 US, 1=Actual/actual, 2=Actual/360, 3=Actual/365, 4=European 30/360) |
Using the ODDFPRICE Function
ODDFPRICE is crucial for pricing bonds with non-standard first coupon periods. Use it when analyzing securities where settlement occurs between coupon dates or when the first payment has an irregular length compared to subsequent coupons.
Common ODDFPRICE Examples
Semiannual Bond with Odd First Period
=ODDFPRICE(DATE(2008,11,11),DATE(2021,3,1),DATE(2008,10,15),DATE(2009,3,1),0.0785,0.0625,100,2,1)Calculates $113.60 price for bond settled Nov 11, 2008 with first coupon Mar 1, 2009 using actual/actual day count.
Frequently Asked Questions
Common Errors and Solutions
#VALUE!
Cause: Invalid date in settlement, maturity, issue, or first_coupon
Solution: Use DATE() function: DATE(2008,11,11)
#NUM!
Cause: rate < 0, yld < 0, basis < 0 or > 4, or invalid date sequence
Solution: Verify all numeric parameters and date logic: maturity > first_coupon > settlement > issue
#NAME?
Cause: Function name misspelled
Solution: Use exact spelling: ODDFPRICE
Notes
- Dates must use DATE() function or valid serial numbers - never text
- Excel stores dates as serial numbers (Jan 1, 1900 = 1)
- Settlement is always after issue date
- First_coupon must be after settlement
- Available in Excel 2007 and later versions
Compatibility
Available in: Excel 2007, Excel 2010, Excel 2013, Excel 2016, Excel 2019, Excel 2021, Microsoft 365
Not available in: Excel 2003, Excel XP, Excel 2000, Excel 97
Content last reviewed: December 9, 2025
Update frequency: As needed
Excel versions tested: Excel 2007+