# Documentation/Calc Functions/YIELD

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## Function name:

YIELD

## Category:

Financial Analysis

## Summary:

Calculates the yield of a security.

## Syntax:

YIELD(**Settlement**; **Maturity**; **Rate**; **Price**; **Redemption**; **Frequency**[; **Basis**])

## Returns:

Returns a real number (expressed as a percentage or fraction) which is the yield of the security.

## 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).

**Rate** is a non-negative real number (expressed as a percentage or fraction) 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 price (purchase price) of the security per 100 currency units of par value.

**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 or equal to 0 then the function returns an error value. - If either
**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 0 then the function will return an error value. - If
**Redemption**is less than or equal to 0 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 |
---|---|---|

=YIELD("1999-02-15"; "2007-11-15"; 0.0575 ;95.04287; 100; 2; 2) | Security is purchased on 1999-02-15. It matures on 2007-11-15. The rate of interest is 5.75%. The price is 95.04287 currency units per 100 units of par value, the redemption value is 100 units. Interest is paid half-yearly (frequency = 2) and the basis is 2. The function calculates how high the yield is for the given information. | 0.064976856338464 or 6.50% |

=YIELD("1999-02-15"; "2007-11-15"; 0.0575 ;95.04287; 100; 2; 2) | Security is purchased on 1999-02-15. It matures on 2007-11-15. The rate of interest is 5.75%. The price is 95.04287 currency units per 100 units of par value, the redemption value is 100 units. Interest is paid half-yearly (frequency = 2) and the basis is 0 (by default). The function calculates how high the yield is for the given information. | 0.065000006880755 or 6.50% |

=YIELD("1999-02-15.05"; "2007-11-15"; 0.0575 ;95.04287; 100; 2; 2) | The function returns an error value if either Settlement or Maturity are not valid dates. |
#VALUE! |

=YIELD("2008-02-15"; "2007-11-15"; 0.0575 ;95.04287; 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:

YIELD