ODDFPRICE Function in Microsoft Excel: Syntax, Examples & Troubleshooting

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

All arguments except basis are required. Yld is the annual yield; redemption is the maturity amount per 100 face value. Keep issue, settlement and first_coupon in their actual roles.

Basis is optional: 0 or omitted = US (NASD) 30/360; 1 = actual/actual; 2 = actual/360; 3 = actual/365; 4 = European 30/360. Frequency is the normal schedule’s 1, 2 or 4 annual payments, even though the first period is irregular. Rate is annual; do not divide it by frequency before passing it.

Use DATE values. The reference documents truncating dates and basis to integers. The required order is strict: maturity > first_coupon > settlement > issue. Equal dates in those adjacent positions do not satisfy the documented condition.

For a short first coupon, enter these inputs:

The ordinary semiannual coupon is 3 per 100. The short first period is 90 convention days out of a normal 180, so its payment is 1.5. There are 30 accrued days at settlement, meaning 0.5 accrued interest. The later payments are 3 in January 2027 and 103 at July maturity.

1. Put 8% in B7 for yield.
2. Enter =ODDFPRICE(B2,B3,B4,B5,B6,B7,B8,B9,B10) in D2.
3. Expected price: approximately 97.82007180.

Let q = 1+8%/2 = 1.04. From settlement, the first coupon is one-third of a normal period away. The independent cash-flow check is 1.5/q^(1/3)+3/q^(4/3)+103/q^(7/3)−0.5. The last term subtracts accrued interest from the discounted cash-flow amount.

=ODDFPRICE(B2,B3,B4,B5,0,8%,100,2,0) is expected to return approximately 91.25476302, from 100/1.04^(7/3). The irregular first-date structure remains, but the coupon and accrued-interest terms become zero. Microsoft rejects negative rate, not zero rate.

Use issue October 15, 2025, settlement February 15, 2026, first coupon July 15, 2026, and maturity July 15, 2027, with the same 6% coupon, 8% yield, redemption 100, frequency 2 and basis 0.

=ODDFPRICE(DATE(2026,2,15),DATE(2027,7,15),DATE(2025,10,15),DATE(2026,7,15),6%,8%,100,2,0)

Expected price: approximately 97.31429570. The first payment spans nine 30/360 months and is 4.5. Four months’ accrued interest is 2. The cash-flow calculation is 4.5/1.04^(5/6)+3/1.04^(11/6)+103/1.04^(17/6)−2.

Microsoft’s long-period equation splits the odd period into quasi-coupon components. The equal-day-of-month 30/360 fixture makes those fractions straightforward; it does not certify every actual/actual leap-year or irregular end-of-month case.

Invalid dates produce documented #VALUE!. Negative rate or yield, basis outside 0–4, or failure of the strict date order produces documented #NUM!. Use a positive redemption and one of the documented frequency values; the individual article’s error list is not exhaustive for every malformed financial input.

Check that maturity aligns with the regular schedule extending from first_coupon. Preserve the exact price precision for inverse-yield checks instead of entering only the two-decimal displayed quote. These examples are independent applications of Microsoft’s equations, not executions in Excel or another spreadsheet and not advice on an actual security.

Microsoft’s reference checked on October 17, 2026 lists: Excel for Microsoft 365 Excel for Microsoft 365 for Mac Excel 2024 Excel 2024 for Mac Excel 2021 Excel 2021 for Mac Excel 2019 Excel 2016. This current support list does not establish the first release. The introduction version and last functioning version have not been established from the reviewed documentation. No retirement is asserted.

Example verification: Expected numerical results are independently calculated; text and shape expectations follow the documented contract. These examples have not been tested in Microsoft Excel. No screenshot or native execution is claimed.

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• Microsoft ODDFPRICE reference, retrieved October 17, 2026.