# Documentation/Calc Functions/ODDFYIELD

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ODDFYIELD

## Category:

Financial Analysis

## Summary:

Calculates the yield of a security if the first interest date falls irregularly.

## Syntax:

ODDFYIELD(Settlement; Maturity; Issue; First Coupon; Rate; Price; Redemption; Frequency[; Basis])

## Returns:

Returns a real number which is the yield of a security per 100 currency units of face value. The security has an irregular first interest date.

## Arguments:

Settlement is a date or a reference to a cell containing that date which is the date of purchase of the security.

Maturity is a date or a reference to a cell containing that date which is the date on which the security matures (expires).

Issue is a date or a reference to a cell containing that date which is the issue date of the security.

First Coupon is a date or a reference to a cell containing that date which is the first interest date of the security.

Rate is a positive real number or a reference to a cell containing that number which is the annual rate of interest (coupon interest rate).

Price is a positive real number or a reference to a cell containing that number which is the annual yield of the security.

Redemption is a positive real number or a reference to a cell containing that number which is the redemption value per 100 currency units of par value.

Frequency is a positive integer or a reference to a cell containing that integer which is the number of interest payments per year (1, 2, or 4).

Frequency Frequency
1 Annual
2 Semiannual
4 Quarterly

Basis is a positive integer from 0 to 4 or a reference to a cell containing that integer which is chosen from a list of options and indicates how the year is to be calculated. For more information, visit Wikipedia's Day count convention page.

Basis Calculation
0 or missing US method (NASD), 12 months of 30 days each
1 Exact number of days in months, exact number of days in year.
2 Exact number of days in month, year has 360 days.
3 Exact number of days in month, year has 365 days.
4 European method, 12 months of 30 days each.

• If PRICE less than 0 then the function returns an error value.
• If either Issue, FirstInterest, Maturity or Settlement is not valid dates then the function returns an value(#VALUE!) error.
• If Settlement date is after the Maturity date then the function returns an error value.
• If Rate is less than or equal to 0 then the function will return an error value.
• If Issue date is after the Settlement date then the function returns an error value.
• If Frequency, and Basis are non-integer values, then the function uses their floor value, i.e. they are truncated to an integer value.
• After truncation if Frequency is any number except 1,2 or 4, then the function returns an error value.
• After truncation if Basis is any number except 0,1,2,3,4 or missing (passed as empty argument or not passed at all),then the function will return an error value.

None

ODDFYIELD