Microsoft Office Tutorials and References

In Depth Information

**Syntax:**

Syntax:

Click here to view code image

ODDFPRICE(settlement,maturity,issue,first_coupon,rate,yld,redemp-

tion,frequency,basis)

ODDFYIELD (settle-

ment,maturity,issue,first_coupon,rate,pr,redemption,frequency,basis)

The ODDF functions handle cases in which the first period has an odd number

of days. These are ODDFPRICE and ODDFYIELD. Each function has the extra

argument first_coupon, which specifies the date for the odd first period.

Syntax

Click here to view code image

ODDLPRICE(settlement,maturity,last_interest,rate,yld,redemption,fre-

quency,basis)

ODDLYIELD(settlement,maturity,last_interest,rate,pr,redemption,fre-

quency,basis)

The ODDL functions handle cases in which the last period has an odd number

of days. These are ODDLPRICE and ODDLYIELD. These functions have the ex-

tra argument last_interest, which is the date of the final interest payment

before maturity. Using this date, Excel can determine the length of the time for

the last period.

Using

Using
PRICEMAT

PRICEMAT
and

and
YIELDMAT

YIELDMAT
tto Calculate

Calculate Price

Price and

and Yield

Yield for

for

Zero-Coupon Bonds

A zero-coupon bond does not pay interest on the coupon dates. All interest

is paid at maturity. Excel provides PRICEMAT and YIELDMAT to calculate

price and yield for these securities.
Figure 13.22
illustrates both of these

functions.