ODDFYIELD

Excel Functions

Get yield security with odd first period

Syntax

EXCEL

=ODDFYIELD(sd, md, id, fd, rate, pr, redem, freq, [basis])

Arguments

Parameter	Description
`sd`	Settlement date of the security.
`md`	Maturity date of the security.
`id`	Issue date of the security.
`fd`	First coupon date.
`rate`	Annual coupon rate of security.
`pr`	Price of security.
`redem`	Redemption value per $100 face value.
`freq`	Coupon payments per year (annual = 1, semiannual = 2; quarterly = 4).
`basis`	[optional] Day count basis (see below, default =0).

Return Value

Yield as percentage

Details

Some bonds have an irregular first or last period, so interest payments don't fit a normal schedule. To calculate the yield of a bond with an irregular first period, you can use the ODDFYIELD function. The ODDFYIELD Function returns the yield (as a percentage) of a security with a short or long first period. In the example shown, we want to calculate the yield of a bond with a settlement date of 1-Feb-2019. The bond matures on 15-Feb-2022, and pays a coupon rate of 5%, with the first coupon paid on 15-Feb-2019. Payments are semi-annual, the day count basis is US 30/360, and the redemption value is $100. In the example shown, the formula in F5 is: With these inputs, the ODDFYIELD function returns a yield of 6.10%, with the percentage number format applied. In Excel, dates are serial numbers

Examples

Example

In the example shown, we want to calculate the yield of a bond with a settlement date of 1-Feb-2019. The bond matures on 15-Feb-2022, and pays a coupo

EXCEL

=ODDFYIELD(C10,C12,C9,C11,C7,C5,C6,C13,C14)

Entering dates

In Excel, dates are serial numbers. Generally, the best way to enter valid dates is to use cell references, as shown in the example. To enter valid da

EXCEL

=ODDFYIELD(DATE(2019,2,1),DATE(2022,2,15),DATE(2018,12,1),DATE(2019,2,15),0.05,97,100,2,0)

ODDFYIELD

Syntax

Arguments

Return Value

Details

Examples

See Also