ODDFPRICE Function (LibreOffice Calc)

• Computes the clean price of a bond with an odd first coupon
• Handles short and long first coupon periods
• Uses issue date, first coupon date, settlement date, maturity date, coupon rate, yield, redemption value, frequency, and basis
• Supports multiple day‑count basis systems
• Fully compatible with Excel’s ODDFPRICE function

It is designed for professional‑grade fixed‑income modeling.

ODDFPRICE(settlement; maturity; issue; first_coupon; rate; yield; redemption; frequency; [basis])

Arguments

• settlement:
  Date the bond is purchased.

• maturity:
  Final maturity date.

• issue:
  Issue date of the bond.

• first_coupon:
  Date of the first coupon payment (irregular).

• rate:
  Annual coupon rate.

• yield:
  Annual yield to maturity.

• redemption:
  Redemption value per 100 face value.

• frequency:
  Coupon payments per year:

  • 1 = annual
  • 2 = semiannual
  • 4 = quarterly

• basis (optional):
  Day-count convention:

Price of a bond with a short first coupon

=ODDFPRICE("2024-03-15"; "2029-03-15"; "2024-01-01"; "2024-06-01"; 0.05; 0.045; 100; 2)

Using Actual/Actual

=ODDFPRICE(A1;A2;A3;A4;0.04;0.045;100;2;1)

Using text dates

=ODDFPRICE(DATEVALUE(A1);DATEVALUE(A2);DATEVALUE(A3);DATEVALUE(A4);Rate;Yield;100;2)

Long first coupon period

=ODDFPRICE("2024-03-15"; "2030-03-15"; "2023-01-01"; "2024-09-01"; 0.06; 0.055; 100; 2)

From imported CSV timestamps

=ODDFPRICE(DATEVALUE(LEFT(A1;10));DATEVALUE(LEFT(A2;10));DATEVALUE(LEFT(A3;10));DATEVALUE(LEFT(A4;10));Rate;Yield;Redemption;Freq)

From Excel serial dates stored as text

=ODDFPRICE(DATE(1899;12;30)+VALUE(A1);DATE(1899;12;30)+VALUE(A2);DATE(1899;12;30)+VALUE(A3);DATE(1899;12;30)+VALUE(A4);Rate;Yield;Redemption;Freq)

Compute yield from price (inverse)

=ODDFYIELD(Settlement;Maturity;Issue;FirstCoupon;Rate;Price;Redemption;Freq;Basis)

Compare odd-first vs regular-price valuation

=PRICE(Settlement;Maturity;Rate;Yield;Redemption;Freq) - ODDFPRICE(...)

ODDFPRICE returns a numeric value (clean price)

Accepts:

• Real dates
• Serial numbers
• DATEVALUE outputs

Invalid text → Err:502

Behavior details

• Issue < FirstCoupon < Maturity must hold
• Settlement must be between Issue and Maturity
• Frequency must be 1, 2, or 4
• Basis must be 0–4
• Handles both short and long first coupon periods
• Uses iterative numerical methods internally

ODDFPRICE of an error → error propagates

• Use Actual/Actual (basis 1) for government bonds
• Use 30/360 for corporate bonds
• Normalize text dates with DATEVALUE
• Validate first coupon date carefully
• Use ODDFPRICE with ODDFYIELD for full odd-first-period modeling

• Use ODDFYIELD to compute yield from price
• Use ODDLPRICE for odd last coupon periods
• Use ODDLYIELD for odd last coupon yield
• Use PRICE for regular coupon bonds
• Use YIELD for regular yield calculations

By mastering ODDFPRICE and its companion functions, you can build powerful, accurate, and fully professional fixed‑income valuation models in LibreOffice Calc.