## Excel YIELD function

The YIELD function calculates the yield on a security that pays periodic interest.

#### Syntax

YIELD(settlement, maturity, rate, pr, redemption, frequency, [basis])

#### Arguments

• Settlement (required): The settlement date of the security. It is the date after the issue date when the security is purchased;
• Maturity (required): The maturity date of the security. It is the date on which the security expires;
• Rate (required): The annual coupon rate of the security;
• Pr (required): The security’s price per \$100 face value;
• Redemption (required): The security’s redemption value per \$100 face value; Frequency (required): The number of coupon payments per year. There are three types of payment frequency:
• Frequency (required): The number of coupon payments per year. There are three types of payment frequency:
-- Frequency = 1 is for annual payments;
-- Frequency = 2 is for semiannual payments;
-- Frequency = 4 is for quarterly payments.
• Basis (optional): An integer number (0, 1, 2, 3 or 4) specifying the day basis to be used. Default is 0.
 Basis Date System o or omitted US (NASD) 30/360 1 Actual/actual 2 Actual/360 3 Actual/365 4 European 30/360

#### Remarks

1. In Excel, dates can be used in calculations as they are stored as sequential numbers. By default, 1/1/1900 is serial number 1, so 12/1/2021 is serial number 40877 because it is 40876 days after 1/1/1900;
2. Dates provided for “settlement” and “maturity” should be entered:
-- As references to cells containing dates;
-- By using the DATE function;
-- As results returned from other formulas.
3. If settlement, maturity, frequency, and basis contain decimal, they will be truncated to integers;
4. The #NUM! error occurs when either of the following conditions is met:
-- The settlement date is greater than or equal to the maturity date;
-- Any of the supplied arguments “rate”, “pr”, “redemption”, “frequency” or “basis” is an invalid number.
Such as: "rate" < 0; "pr" ≤ 0; "redemption" ≤ 0; "frequency" is not equal to 1, 2 or 4; or [basis] is any number other than 0, 1, 2, 3 or 4.
5. The #VALUE! error occurs when either of the following conditions is met:
-- “Settlement” and “maturity” dates are invalid;
-- Any of the supplied arguments are non-numeric.

#### Return Value

It returns a numeric value.

#### Example

As shown in the screenshot below, the range B5:C11 lists the information of a 10-year security. To calculate its yield based on the given information, you can do as follows.

1. Select a blank cell, copy or enter the formula below and press the Enter key to get the result.

=YIELD(C5,C6,C7,C8,C9,C10,C11)

2. Then you need to change the cell format to percentage.

2.1 Select the result cell, right click and select Format Cells from the context menu;

2.2 In the Format Cells dialog box, under the Number tab, select Percentage in the Category list box, specify the Decimal places and finally click the OK button to save the changes.

3. Then you can see the result is displayed as a percentage. See screenshot:

#### Related Functions

Excel YIELDDISC function
The YIELDDISC function returns the annual yield for a discounted security.

Excel YIELDMAT function
The YIELDMAT function returns the annual yield of a security that pays interest at maturity.

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