# 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 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.