Excel ODDFYIELD Function

The ODDFYIELD function returns the yield of a security with an odd (short or long) first period.

Syntax

=ODDFYIELD(settlement, maturity, issue, first_coupon, rate, pr, redemption, frequency, [basis])

Arguments

• settlement (required): The settlement date of the security.
• maturity (required): The maturity date of the security.
• issue (required): The issue date of the security.
• first_coupon (required): The first coupon date of the security.
• rate (required): The annual interest rate of the security.
• pr (required): The price of the security.
• redemption (required): The security's redemption value per \$100 face value.
• frequency (optional): The frequency of the coupon payments:
• frequency = 1, if paid annually;
• frequency = 2, if paid semi-annually;
• frequency = 3, if paid quarterly.
• basis (optional): The type of day count basis to use when calculating interest for the security (default = 0):
• basis = 0 or omitted, if day count = US (NASD) 30/360;
• basis = 1, if day count = Actual/actual;
• basis = 2, if day count = Actual/360;
• basis = 3, if day count = Actual/365;
• basis = 4, if day count = European 30/360.

Return Value

The ODDFYIELD function returns a numeric value.

Function Notes

• ODDFYIELD will return the #VALUE! error if issue, first_coupon, maturity or settlement is not a valid date.
• ODDFYIELD will return the #NUM! error if:
• rate < 0 or pr ≤ 0;
• redemption ≤ 0;
• frequency is not the number 1, 2, or 4;
• basis < 0 or basis > 4;
• maturity > first_coupon > settlement > issue is not satisfied;
• The interval between maturity and first_coupon does not match the frequency interval.
• issue, first_coupon, settlement, maturity, frequency, and basis are truncated to integers.
• The result of the formula is a decimal. To convert it to a percent, please click here.

Example

To get the yield of a security with the information as shown in the below table, please copy or enter the formula below in a blank cell, and press Enter to get the result:

=ODDFYIELD(C3,C4,C5,C6,C7,C8,C9,C10,C11)

If a security has the same information above except that the settlement date is March 15, 2021, you can add a DATE function to replace the C3 in the formula:

=ODDFYIELD(DATE(2021,3,15),C4,C5,C6,C7,C8,C9,C10,C11)

Related functions

Excel ODDLYIELD Function

The ODDLYIELD function returns the yield of a security with an odd (short or long) last period.

Excel ODDLPRICE Function

The ODDLPRICE function returns the price per \$100 face value of a security with an odd (short or long) last period.

Excel ODDFPRICE Function

The ODDFPRICE function returns the price per \$100 face value of a security with an odd (short or long) first period.

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