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Excel ODDLYIELD Function

Author: Amanda Li Last Modified: 2022-02-17

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

oddlyield function 1


=ODDLYIELD(settlement, maturity, last_interest, rate, pr, redemption, frequency, [basis])


  • settlement (required): The settlement date of the security.
  • maturity (required): The maturity date of the security.
  • last_interest (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 ODDLYIELD function returns a numeric value.

Function Notes

  • ODDLYIELD will return the #VALUE! error if last_interest, maturity or settlement is not a valid date.
  • ODDLYIELD 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 > last_interest > settlement is not satisfied;
    • The interval between maturity and last_interest does not match the frequency interval.
  • last_interest, 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.


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:


oddlyield function 2

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


Related functions

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 ODDFYIELD Function

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