## 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 Payments | 1 |

Semiannual | 2 |

Quarterly | 4 |

**[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 |

1 | Actual/actual |

2 | Actual/360 |

3 | Actual/365 |

4 | European 30/360 |

## Example

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

## Function Errors

Error | Occurs |

#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.