ODDLPRICE in Zoho Sheet: Syntax and Odd-Last Examples

ODDLPRICE prices a security with an irregular final interest period. Its result is a quote per 100 of face value. The last-interest date anchors the final accrual interval; it is not an interchangeable substitute for an issue date.

For last interest January 15, 2026, settlement February 15, maturity April 15, annual coupon rate 6%, yield 8%, redemption 100, frequency 2 and basis 0, the independent expected clean price is 99.6644736842. The three-month final interval is shorter than the regular six-month period implied by frequency 2.

=ODDLPRICE(settlement; maturity; last_interest_date; rate; yield; redemption_value; frequency; [basis])

The official ODDLPRICE reference identifies the price-per-100 result, dates, annual yield, redemption per 100 and frequencies 1, 2 or 4. Rates are entered as decimal proportions: 6% is 0.06.

Basis defaults to 0 US/NASD 30/360; the other documented codes are 1 actual/actual, 2 actual/360, 3 actual/365 and 4 European 30/360. All new numerical examples here use explicit basis 0 with mid-month dates and settlement inside the final interval. Other bases and complicated schedules are outside their numerical scope.

Enter =ODDLPRICE(A2;B2;C2;D2;E2;F2;G2;H2), or:

=ODDLPRICE(DATE(2026;2;15);DATE(2026;4;15);DATE(2026;1;15);0.06;0.08;100;2;0)

Independent 30/360 counts are 30 accrued days, 60 remaining days and 90 days in the whole final interval. The corroborated annual-simple-interest model gives:

1. Final interest: 100×0.06×90/360 = 1.5.
2. Final payment including redemption: 100+1.5 = 101.5.
3. Settlement present value: 101.5/(1+0.08×60/360) = 100.1644736842.
4. Accrued interest: 100×0.06×30/360 = 0.5.
5. Clean price: 100.1644736842−0.5 = 99.6644736842.

A nominal holding of 10,000 would therefore have an independent clean amount of 9,966.44736842 and accrued interest of 50 in this model. ODDLPRICE’s returned quote itself is not the total currency amount of that holding.

The help supplies no explicit pricing equation. Zoho’s existing public financial demonstration, on the ODDLPRICE tab, provides complete inputs and a distinguishing result.

Its first row uses settlement February 1, 2018, maturity April 12, 2020, last interest February 1, 2017, rate 0.0233, yield 0.065, redemption 100, frequency 2 and basis 0. It displays 91.691438207. Independent 30/360 counts are 360 accrued, 791 remaining and 1,151 total days. The expression (100+2.33×1151/360)/(1+0.065×791/360)−2.33 gives 91.69143820716309, matching that display.

This corroborates the final-interval cash-flow and accrued-interest treatment for the published basis-0 example. It does not certify every frequency, date boundary, rounding rule or day-count basis.

Keep the original January–April 2026 dates, coupon 6%, frequency 2 and basis 0. Independent expectations are:

For example, redemption 105 changes the final payment to 106.5 while accrued interest stays 0.5. Do not change the coupon calculation to 6% of 105: the model’s interest is normalized to 100 face value, while redemption is a separate input.

Moving only maturity to May 15, 2026 makes the final interval 120 days and the remaining interval 90 days. At yield 8% and redemption 100, the independent price is 102/1.02−0.5 = 99.5. This is an explicit schedule change, not merely a new display date.

Zoho lists #NUM! for basis outside 0–4 and settlement after maturity. The help also mentions a negative “price” although the ODDLPRICE signature contains yield rather than a price input. That inconsistency does not establish an exact negative-yield error contract. Equality, last-interest ordering, fractional frequencies and unusual inputs remain untested here.

PRICEMAT starts accrual at issue for an interest-at-maturity security; its purpose is different even when a simple arithmetic expression looks similar. DATE and YEARFRAC help keep input dates and conventions explicit.

Official help and the existing public demonstration were checked on October 18, 2026. The new examples were calculated independently and not executed in Zoho. No first introduction version, mobile/import parity, retirement or deprecation is established. This is educational spreadsheet arithmetic, not investment advice.