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=ODDFYIELD()

Returns the yield of a security that has an odd (short or long) first period.

Applies To: Excel for Microsoft 365Excel for Microsoft 365 for MacExcel 2024Excel 2024 for MacExcel 2021Excel 2021 for MacExcel 2019Excel 2016
=ODDFYIELD(settlement, maturity, issue, first_coupon, rate, pr, redemption, frequency, [basis])
Hover argument names in the table for details.
Output typeNumber
Popularity3 / 100
VolatileNo
Dynamic ArrayNo
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◧ Arguments

ArgumentTypeRequiredDescription
settlement Date Required The security's settlement date. The security settlement date is the date after the issue date when the security is traded to the buyer.
maturity Date Required The security's maturity date. The maturity date is the date when the security expires.
issue Date Required The security's issue date.
first_coupon Date Required The security's first coupon date.
rate Number Required The security's interest rate.
pr Number Required The security's price.
redemption Number Required The security's redemption value per $100 face value.
frequency Number Required The number of coupon payments per year. For annual payments, frequency = 1; for semiannual, frequency = 2; for quarterly, frequency = 4.
basis Date Optional The type of day count basis to use. 0 or omitted = US (NASD) 30/360; 1 = Actual/actual; 2 = Actual/360; 3 = Actual/365; 4 = European 30/360.

▣ Examples

▦ Data
CellValue
A2 November 11, 2008
B2 Settlement date
A3 March 1, 2021
B3 Maturity date
A4 October 15, 2008
B4 Issue date
A5 March 1, 2009
B5 First coupon date
A6 5.75%
B6 Percent coupon
A7 84.50
B7 Price
A8 100
B8 Redemptive value
A9 2
B9 Frequency is semiannual
A10 0
B10 30/360 basis
A11 November 11, 2008
B11 Settlement date
A12 March 1, 2021
B12 Maturity date
A13 October 15, 2008
B13 Issue date
A14 March 1, 2009
B14 First coupon date
A15 5.75%
B15 Percent coupon
A16 84.50
B16 Price
A17 100
B17 Redemptive value
A18 2
B18 Frequency is semiannual
A19 0
B19 30/360 basis
The yield of a security that has an odd (short or long) first period, for the bond using the terms in cells A2:A10 as function arguments. Result is (0.0772, or 7.72%). =ODDFYIELD(A2, A3, A4, A5, A6, A7, A8, A9, A10)
Result: 7.72%

§ Remarks

  • Microsoft Excel stores dates as sequential serial numbers so they can be used in calculations. By default, January 1, 1900 is serial number 1, and January 1, 2008 is serial number 39448 because it is 39,448 days after January 1, 1900.
  • The settlement date is the date a buyer purchases a coupon, such as a bond. The maturity date is the date when a coupon expires. For example, suppose a 30-year bond is issued on January 1, 2008, and is purchased by a buyer six months later. The issue date would be January 1, 2008, the settlement date would be July 1, 2008, and the maturity date would be January 1, 2038, which is 30 years after the January 1, 2008, issue date.
  • Settlement, maturity, issue, first_coupon, and basis are truncated to integers.
  • If settlement, maturity, issue, or first_coupon is not a valid date, ODDFYIELD returns the #VALUE! error value.
  • If rate < 0 or if pr ≤ 0, ODDFYIELD returns the #NUM! error value.
  • If basis < 0 or if basis > 4, ODDFYIELD returns the #NUM! error value.
  • The following date condition must be satisfied; otherwise, ODDFYIELD returns the #NUM! error value: maturity > first_coupon > settlement > issue
  • Excel uses an iterative technique to calculate ODDFYIELD. This function uses the Newton method based on the formula used for the function ODDFPRICE. The yield is changed through 100 iterations until the estimated price with the given yield is close to the price. See ODDFPRICE for the formula that ODDFYIELD uses.

✦ Tips

  • Dates should be entered by using the DATE function, or as results of other formulas or functions. For example, use DATE(2008,5,23) for the 23rd day of May, 2008. Problems can occur if dates are entered as text.
  • Microsoft Excel stores dates as sequential serial numbers so they can be used in calculations. By default, January 1, 1900 is serial number 1, and January 1, 2008 is serial number 39448 because it is 39,448 days after January 1, 1900.
  • The settlement date is the date a buyer purchases a coupon, such as a bond. The maturity date is the date when a coupon expires. For example, suppose a 30-year bond is issued on January 1, 2008, and is purchased by a buyer six months later. The issue date would be January 1, 2008, the settlement date would be July 1, 2008, and the maturity date would be January 1, 2038, which is 30 years after the January 1, 2008, issue date.
  • Settlement, maturity, issue, first_coupon, and basis are truncated to integers.
  • Excel uses an iterative technique to calculate ODDFYIELD. This function uses the Newton method based on the formula used for the function ODDFPRICE. The yield is changed through 100 iterations until the estimated price with the given yield is close to the price. See ODDFPRICE for the formula that ODDFYIELD uses.

⚠ Common Errors

#VALUE! If settlement, maturity, issue, or first_coupon is not a valid date, ODDFYIELD returns the #VALUE! error value.
Fix: تاریخ‌ها را با تابع DATE وارد کنید و از صحت آن‌ها اطمینان حاصل کنید.
#NUM! If rate < 0 or if pr ≤ 0, ODDFYIELD returns the #NUM! error value. If basis < 0 or if basis > 4, ODDFYIELD returns the #NUM! error value. The following date condition must be satisfied; otherwise, ODDFYIELD returns the #NUM! error value: maturity > first_coupon > settlement > issue
Fix: Check the order of the dates and the input values

⇄ Related Functions

=ODDFPRICE() Returns the price per $100 face value of a security having an odd (short or long) first period. =ODDLYIELD() Returns the yield of a security that has an odd (short or long) last period. =YIELD() Returns the yield on a security that pays periodic interest. Use YIELD to calculate bond yield.

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