# Documentation/Calc Functions/ODDFYIELD

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.

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, i.e. Actual/actual.
2 Exact number of days in month, year has 360 days, i.e. Actual/360.
3 Exact number of days in month, year has 365 days, i.e. Actual/365.
4 European method, 12 months of 30 days each, i.e. 30/360.

• 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

ODDFPRICE

ODDLPRICE

ODDLYIELD

## ODF standard:

Section 6.12.32, part 2

ODDFYIELD