Easy Explanation Notes with Examples

ODDFYIELD function in Excel

Use

The ODDFYIELD function calculates the yield of a security that has an irregular (short or long) first period.

Syntax

ODDFYIELD(settlement, maturity, issue, first_coupon, rate, pr, redemption, frequency, [basis])

The ODDFYIELD function has the following arguments:

settlement – Required. The security’s settlement date, which comes after the issuance date.

maturity – Required. The expiry date of the security.

issue – Required. The date on which the security was issued.

first_coupon – Required. The first coupon date of the security.

rate – Required. The interest rate of the security.

pr – Required. The security’s price.

redemption – Required. The security’s redemption value per $100 face value.

frequency – Required. The frequency of coupon payments in a year. Available options are:

For Frequency
Annual Payments1
Semiannual2
Quarterly4

[basis] – Optional. The day count basis to use for the calculation purpose. The possible values are:

BasisDay count basis
0 or omittedUS (NASD) 30/360
1Actual/actual
2Actual/360
3Actual/365
4European 30/360

Example

The security with the above terms has the yield of 6.29%.

Function Errors

ErrorOccurs
#VALUE!If the supplied settlement, maturity, or first_interest date is invalid.
#NUM!If the rate is smaller than zero or price is equal to/ smaller than zero.
#NUM!If the [basis] argument is smaller than 0 or greater than 4.

Related Functions

The ODDFYIELD function is a Financial function and has the following related functions:

ODDFPRICE function calculates the price of a bond having an irregular first period.

ODDLPRICE function calculates the price per $100 face of a security having an irregular/odd (short or long) last coupon period.

ODDLYIELD function calculates the yield of a security that has an odd (irregular) last period.




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