Excel YIELDMAT function
The YIELDMAT function returns the annual yield of a security that pays interest at maturity.
YIELDMAT(settlement, maturity, issue, rate, pr, [basis])
- 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;
- Issue (required): The issue date of the security;
- Rate (require): The interest rate of the security on the date of issue;
- Pr (required): The security’s price per $100 face value;
- Basis (optional): An integer number (0, 1, 2, 3 or 4) specifying the day basis to be used. Default is 0.
|| Date System
| o or omitted
|| US (NASD) 30/360
|| European 30/360
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, issue, and basis contain decimal, they will be truncated to integers;
4. The #NUM! error occurs when any of the following conditions is met:
-- The “issue” date is greater than or equal to the “settlement” date;
-- The "settlement" date is greater than or equal to the "maturity" date;
-- Any of the supplied arguments “rate”, “pr”, or “basis” is an invalid number.
Such as: "rate" < 0; "pr" ≤ 0; 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” "maturity" and “issue” dates are invalid;
-- Any of the supplied arguments are non-numeric.
It returns a numeric value.
The following table lists the details of a 10-year security. To calculate the annual yield of it with the YIELDMAT function, you need to do as follows.
1. Select a blank cell (here I select F5), enter the following formula and press Enter to get the result.
2. Then change the cell format to percentage as follows.
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.
Then you can see the result is displayed as a percentage. See screenshot:
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