Excel ODDLYIELD Function
The ODDLYIELD function returns the yield of a security with an odd (short or long) first period.
Syntax
=ODDLYIELD(settlement, maturity, last_interest, rate, pr, redemption, frequency, [basis])
Arguments
- 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.
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:
=ODDLYIELD(C3,C4,C5,C6,C7,C8,C9,C10,C11)
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:
=ODDLYIELD(DATE(2021,6,15),C4,C5,C6,C7,C8,C9,C10,C11)
Related functions
The ODDLPRICE function returns the price per $100 face value of a security with an odd (short or long) last period.
The ODDFYIELD function returns the yield of a security with an odd (short or long) first period.
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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