ODDFYIELD

Syntax:

ODDFYIELD ( settlement , maturity , issue , first-coupon , rate , pr , redemption ,
frequency [ , [ basis ] ] )

Description: Computes the yield of a security that has an odd (short or long) first period.

Arguments:

Name	Type	Description
settlement	number	The security's settlement date.
maturity	number	The security's maturity date.
issue	number	The security's issue date.
first-coupon	number	The security's first coupon date.
rate	number	The security's interest rate.
pr	number	The security's price.
redemption	number	The security's redemption value per $100 face value.
frequency	number	the number of coupon payments per year. (For annual payments, frequency is 1; for semiannual payments, frequency is 2; for quarterly payments, frequency is 4.)
basis	number	The truncated integer type of day count basis to use, as follows: Value Day Count Basis 0 or omitted US (NASD) 30/360 1 Actual/actual 2 Actual/360 3 Actual/365 4 European 30/360

 

Time information in the date arguments is ignored.

Return Type and Value: number – The yield of a security that has an odd (short or long) first period.

However, if

• settlement, maturity, issue, or first-coupon is out of range for the current date base value, #NUM! is returned.

• The following is not true: maturity is later than first-coupon, which is later than settlement, which is later than issue, so #NUM! is returned.

• rate or pr < 0, #NUM! is returned.

• frequency is any number other than 1, 2, or 4, #NUM! is returned.

• basis < 0 or basis > 4, #NUM! is returned.

[Example:

ODDFYIELD(DATE(2008,11,11),DATE(2021,3,1),DATE(2008,10,15),DATE(2009,3,1),
0.0575,84.5,100,2,0) results in 7.7246%

end example]