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