The ODDFYIELD function calculates the yield of a security that has an irregular (short or long) first period.
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:
[basis] – Optional. The day count basis to use for the calculation purpose. The possible values are:
|Basis||Day count basis|
|0 or omitted||US (NASD) 30/360|
The security with the above terms has the yield of 6.29%.
|#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.|
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.