What is the syntax for ODDFPRICE in Excel?

The syntax for ODDFPRICE is: =ODDFPRICE(settlement, maturity, issue, first_coupon, rate, yld, redemption, frequency, [basis])

What are common errors with ODDFPRICE?

#NUM! if dates are invalid. #VALUE! if non-numeric inputs

When do I use ODDFPRICE instead of PRICE?

Use ODDFPRICE when a bond has an irregular first coupon period - either shorter or longer than the standard period. Use PRICE for bonds with regular coupon periods throughout their life.

What parameters does ODDFPRICE require?

ODDFPRICE requires settlement date, maturity date, issue date, first coupon date, annual coupon rate, annual yield, redemption value, payment frequency, and optionally the day count basis.

Financial

ODDFPRICE Function in Excel

Returns the price per $100 face value of a security with an odd first period.

Syntax

=ODDFPRICE(settlement, maturity, issue, first_coupon, rate, yld, redemption, frequency, [basis])

Arguments

settlement (required): Security's settlement date
maturity (required): Security's maturity date
issue (required): Security's issue date
first_coupon (required): First coupon date
rate (required): Annual coupon rate
yld (required): Annual yield
redemption (required): Redemption value per $100 face value
frequency (required): Number of coupon payments per year
basis (optional): Day count basis (0-4)

Examples

=ODDFPRICE(DATE(2024,1,15), DATE(2034,7,15), DATE(2023,7,15), DATE(2024,7,15), 0.06, 0.08, 100, 2) - Price of bond with odd first period - Result: $85.84

ODDFPRICE modeling tips

Align rate and period units (annual rate ÷ 12 for monthly models).
Use consistent cash-flow signs (outflows negative, inflows positive).
Hub: [Financial functions guide](/guides/excel-financial-functions-guide/).

Common errors

#NUM! if dates are invalid
#VALUE! if non-numeric inputs

Use cases

Bond pricing
Fixed income analysis
Investment valuation

Frequently asked questions

What is the ODDFPRICE function in Excel? ODDFPRICE calculates the price per $100 face value of a security with an odd (short or long) first coupon period. It's used in bond pricing when the first coupon payment doesn't follow the regular schedule.
When do I use ODDFPRICE instead of PRICE? Use ODDFPRICE when a bond has an irregular first coupon period - either shorter or longer than the standard period. Use PRICE for bonds with regular coupon periods throughout their life.
What parameters does ODDFPRICE require? ODDFPRICE requires settlement date, maturity date, issue date, first coupon date, annual coupon rate, annual yield, redemption value, payment frequency, and optionally the day count basis.

Editorial review

Reviewed by Excel.Directory Editorial Team. Updated May 2026.