ODDLINT
Updated: 30 June 2014
Use ODDLINT to calculate the accrued for a bond with an odd last coupon and a par value of 100.
Syntax
SELECT [wctFinancial].[wct].[ODDLINT](
<@Settlement, datetime,>
,<@Maturity, datetime,>
,<@Last_coupon, datetime,>
,<@Rate, float,>
,<@Frequency, float,>
,<@Basis, nvarchar(4000),>)
Arguments
@Settlement
the settlement date of the security. @Settlement is an expression that returns a datetime value, or a character string in date format.
@Maturity
the maturity date of the security. @ is an expression that returns a datetime value, or a character string in date format.
@Last_coupon
the last coupon date of the security prior to the maturity. The period from the last interest date until the maturity date defines the odd interest period. All previous coupon dates are assumed to occur at regular periodic intervals as defined by @Frequency. @Last_coupon is an expression that returns a datetime value, or a character string in date format.
@Rate
the security’s annual coupon rate. @Rate is an expression of type float or of a type that can be implicitly converted to float.
@Frequency
the number of coupon payments per year. For annual payments, @Frequency = 1; for semiannual, @Frequency = 2; for quarterly, @Frequency = 4; for bimonthly @Frequency = 6; for monthly @Frequency = 12. For bonds with @Basis = 'A/364' or 9, you can enter 364 for payments made every 52 weeks, 182 for payments made every 26 weeks, 91 for payments made every 13 weeks, 28 for payments made every 4 weeks, 14 for payments made every 2 weeks, and 7 for weekly payments. @Frequency is an expression of type float or of a type that can be implicitly converted to float.
@Basis
is the type of day count to use. @Basis is an expression of the character string data type category.
@Basis

Day count basis

0, 'BOND'

US (NASD) 30/360

1, 'ACTUAL'

Actual/Actual

2, 'A360'

Actual/360

3, 'A365'

Actual/365

4, '30E/360 (ISDA)', '30E/360', 'ISDA', '30E/360 ISDA', 'EBOND'

European 30/360

5, '30/360', '30/360 ISDA', 'GERMAN'

30/360 ISDA

6, 'NL/ACT'

No Leap Year/ACT

7, 'NL/365'

No Leap Year /365

8, 'NL/360'

No Leap Year /360

9, 'A/364'

Actual/364

10, 'BOND NONEOM'

US (NASD) 30/360 nonendofmonth

11, 'ACTUAL NONEOM'

Actual/Actual nonendofmonth

12, 'A360 NONEOM'

Actual/360 nonendofmonth

13, 'A365 NONEOM'

Actual/365 nonendofmonth

14, '30E/360 NONEOM', '30E/360 ICMA NONEOM', 'EBOND NONEOM'

European 30/360 nonendofmonth

15, '30/360 NONEOM', '30/360 ISDA NONEOM', 'GERMAN NONEOM'

30/360 ISDA nonendofmonth

16, 'NL/ACT NONEOM'

No Leap Year/ACT nonendofmonth

17, 'NL/365 NONEOM'

No Leap Year/365 nonendofmonth

18, 'NL/360 NONEOM'

No Leap Year/360 nonendofmonth

19, 'A/364 NONEOM'

Actual/364 nonendofmonth

Return Type
float
Remarks
· If @Settlement is NULL then an error is returned.
· If @Rate is NULL then NULL is returned.
· If @Frequency is NULL then @Frequency = 2.
· If @Basis is NULL then @Basis = 0.
· If @Frequency is any number other than 1, 2, 4, 6 or 12, or for @Basis = 'A/364' any number other than 1, 2, 4, 6, or 12 as well as 7, 14, 28, 91, 182, or 364 ODDLINT returns an error.
· If @Basis is invalid (see above list), ODDLINT returns an error.
· If @Maturity is NULL then an error is returned.
· If @Last_coupon is NULL then an error is returned.
Example
This is a bond with an odd short last coupon period where the settlement date is in the last period.
SELECT
wct.ODDLINT(
'20141001', @Settlement
'20141215', @Maturity
'20140915', @Last_interest
0.0225, @Rate
2, @Frequency
1 @Basis
) as Accrued
This produces the following result.
Accrued

0.0994475138121547
This is a bond with an odd long last coupon period where the settlement date is in the last period.
SELECT
wct.ODDLINT(
'20141001', @Settlement
'20141215', @Maturity
'20140315', @Last_interest
0.0225, @Rate
2, @Frequency
1 @Basis
) as Accrued
This produces the following result.
Accrued

1.22444751381215
This is a bond with an odd short last coupon period where the settlement date is prior to the last coupon date.
SELECT
wct.ODDLINT(
'20141001', @Settlement
'20341215', @Maturity
'20340915', @Last_interest
0.0425, @Rate
2, @Frequency
1 @Basis
) as Accrued
This produces the following result.
Accrued

0.187845303867403
This is a bond with an odd long last coupon period where the settlement date is prior to the last coupon date.
SELECT
wct.ODDLINT(
'20141001', @Settlement
'20341215', @Maturity
'20340315', @Last_interest
0.0425, @Rate
2, @Frequency
1 @Basis
) as Accrued
This produces the following result.
Accrued

0.187845303867403
This is an example of a bond paying interest every 26 weeks.
SELECT
wct.ODDLINT(
'20141004', @Settlement
'20141215', @Maturity
'20140601', @Last_interest
0.1250, @Rate
182, @Frequency
9 @Basis
) as Interest
This produces the following result.
Interest

4.29258241758242
See Also