Documentation/Calc Functions/ODDLYIELD
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Function name:
ODDLYIELD
Category:
Financial Analysis
Summary:
Calculates the yield of a security if the last interest date falls irregularly.
Syntax:
ODDLYIELD(Settlement; Maturity; Last Interest; Rate; Price; Redemption; Frequency[; Basis])
Returns:
Returns a real number (expressed as a percentage or fraction) which is the
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).
Last Interest is a date or a reference to a cell containing that date which is the last 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.
Additional details:
None
Examples:
Formula | Description | Returns |
---|---|---|
=ODDLYIELD("1999-04-20";"1999-06-15"; "1998-10-15"; 0.0375; 99.875; 100;2;2) | Settlement date: April 20 1999, maturity date: June 15 1999, last interest: October 15 1998. Interest rate: 3.75 per cent, price: 99.875 currency units, redemption value: 100 currency units, frequency of payments: half-yearly = 2, basis: = 2. The function calculates yield of the security, that has an irregular last interest date. | 0.044720496894409 or 4.47% |
=ODDLYIELD("1999-04-20";"1999-06-15"; "1998-10-15"; 0.0375; 99.875; 100;2) | Settlement date: April 20 1999, maturity date: June 15 1999, last interest: October 15 1998. Interest rate: 3.75 per cent, price: 99.875 currency units, redemption value: 100 currency units, frequency of payments: half-yearly = 2, basis: = 0 (by default). The function calculates yield of the security, that has an irregular last interest date. | 0.044720496894409 or 4.47% |
=ODDLYIELD("1999-04-20.05";"1999-06-15"; "1998-10-15"; 0.0375; 99.875; 100;2;2) | The function returns an error value if either Settlement or Maturity are not valid dates. | #VALUE! |
=ODDLYIELD("1999-07-20";"1999-06-15"; "1998-10-15"; 0.0375; 99.875; 100;2;2) | The function returns an error when Settlement date is after the Maturity date. | Err:502 |
Related LibreOffice functions:
ODF standard:
Equivalent Excel functions:
ODDLYIELD