Daily DAX : Day 408 ODDLPRICE

Power BI DAX Function: ODDLPRICE

ODDLPRICE calculates the price per $100 face value of a security with an odd (irregular) last coupon period.

Syntax

ODDLPRICE(
    <Settlement>, 
    <Maturity>, 
    <Last Interest>, 
    <Rate>, 
    <Yield>, 
    <Redemption>, 
    <Frequency> 
    [, <Basis>]
)
    

Parameters

Parameter	Description
Settlement	Date when the security is purchased
Maturity	Date when the security matures
Last Interest	Date of the last coupon payment before settlement
Rate	Annual coupon rate of the security (e.g., 5% = 0.05)
Yield	Annual yield of the security
Redemption	Redemption value per $100 face value (usually 100)
Frequency	Number of coupon payments per year: 1 = annual, 2 = semiannual, 4 = quarterly
Basis (optional)	Day count basis (0 = US 30/360, 1 = Actual/Actual, etc.) Default = 0

Use Case

Use ODDLPRICE when analyzing bonds that have an irregular final coupon period — either shorter or longer than the regular coupon interval.

Example: A corporate bond normally pays semiannual coupons, but the final period before maturity is only 4 months long (short last coupon). This is called an odd last period. Standard PRICE() function cannot handle this — you must use ODDLPRICE.

Real-World Example

Calculate the clean price of a bond with:

• Settlement: 2025-03-15
• Maturity: 2025-11-30
• Last coupon paid: 2024-11-30
• Coupon rate: 6%
• Yield: 5.5%
• Redemption: $100
• Semiannual coupons (Frequency = 2)

Bond Price = 
ODDLPRICE(
    DATE(2025,3,15),     // Settlement
    DATE(2025,11,30),    // Maturity
    DATE(2024,11,30),    // Last Interest
    0.06,                // Coupon Rate
    0.055,               // Yield
    100,                 // Redemption
    2                    // Semiannual
)
    

This returns approximately $100.42 per $100 face value.

When NOT to Use ODDLPRICE

• Regular coupon periods → Use PRICE()
• Odd first coupon period → Use ODDFPRICE()
• Zero-coupon bonds → Use DISC() or simple discounting

Summary: Use ODDLPRICE only for bonds with an irregular last coupon period. It's a specialized financial function used mainly by fixed-income analysts and treasury teams.