ODDLYIELD ( settlement , maturity , last-interest , rate , pr , redemption ,
frequency [ , [ basis ] ] )
Description: Computes the yield of a security that has an odd (short or long) last period.
Mathematical Formula:
where:
Ai = number of accrued days for the ith, or last, quasi-coupon period within odd period counting forward from last interest date before redemption.
DCi = number of days counted in the ith, or last, quasi-coupon period as delimited by the length of the actual coupon period.
NC = number of quasi-coupon periods that fit in odd period; if this number contains a fraction it will be raised to the next whole number.
NLi = normal length in days of the ith, or last, quasi-coupon period within odd coupon period.
Arguments:
|
Name |
Type |
Description | ||||||||||||
|
settlement |
number |
The security's settlement date. | ||||||||||||
|
maturity |
number |
The security's maturity date. | ||||||||||||
|
last-interest |
number |
The security's last 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:
|
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) last period.
However, if
• settlement, maturity, or last-interest is out of range for the current date base value, #NUM! is returned.
• The following is not true: maturity is later than settlement, which is later than last-interest, 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:
ODDLYIELD(DATE(2008,11,11),DATE(2021,3,1),DATE(2008,10,15),
0.0575,84.5,100,2,0) results in 4.5192%
end example]