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:

PRICE

YIELDDISC

YIELDMAT

ODF standard:

Section 6.12.53, part 2

Equivalent Excel functions:

YIELD