WorksheetFunction.OddFPrice Method

Definition

Namespace:

Microsoft.Office.Interop.Excel

Assembly:

Microsoft.Office.Interop.Excel.dll

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

public double OddFPrice (object Arg1, object Arg2, object Arg3, object Arg4, object Arg5, object Arg6, object Arg7, object Arg8, object Arg9);

Public Function OddFPrice (Arg1 As Object, Arg2 As Object, Arg3 As Object, Arg4 As Object, Arg5 As Object, Arg6 As Object, Arg7 As Object, Arg8 As Object, Optional Arg9 As Object) As Double

Parameters

Arg1

Object

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

Object

Maturity - the security's maturity date. The maturity date is the date when the security expires.

Arg3

Object

Issue - the security's issue date.

Arg4

Object

First_coupon - the security's first coupon date.

Arg5

Object

Rate - the security's interest rate.

Arg6

Object

Yld - the security's annual yield.

Arg7

Object

Redemption - the security's redemption value per $100 face value.

Arg8

Object

Frequency - the number of coupon payments per year. For annual payments, frequency = 1; for semiannual, frequency = 2; for quarterly, frequency = 4.

Arg9

Object

Basis - the type of day count basis to use.

Returns

Double

Remarks

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.

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, issue, first_coupon, and basis are truncated to integers.

If settlement, maturity, issue, or first_coupon is not a valid date, OddFPrice returns the #VALUE! error value.

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

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

The following date condition must be satisfied; otherwise, OddFPrice returns the #NUM! error value:

maturity > first_coupon > settlement > issue

OddFPrice is calculated as follows: Odd short first coupon:

Figure 1: Odd short first coupon

where:

A = number of days from the beginning of the coupon period to the settlement date (accrued days).

DSC = number of days from the settlement to the next coupon date.

DFC = number of days from the beginning of the odd first coupon to the first coupon date.

E = number of days in the coupon period.

N = number of coupons payable between the settlement date and the redemption date. (If this number contains a fraction, it is raised to the next whole number.)

Odd long first coupon:

Figure 2: Odd long first coupon

where:

Ai = number of days from the beginning of the ith, or last, quasi-coupon period within odd period.

DCi = number of days from dated date (or issue date) to first quasi-coupon (i = 1) or number of days in quasi-coupon (i = 2,..., i = NC).

DSC = number of days from settlement to next coupon date.

E = number of days in coupon period.

N = number of coupons payable between the first real coupon date and redemption date. (If this number contains a fraction, it is raised to the next whole number.)

NC = number of quasi-coupon periods that fit in odd period. (If this number contains a fraction, it is raised to the next whole number.)

NLi = normal length in days of the full ith, or last, quasi-coupon period within odd period.

Nq = number of whole quasi-coupon periods between settlement date and first coupon.