ODDLYIELD

Excel Functions

Get yield of security with odd last period

Syntax

EXCEL

=ODDLYIELD(sd, md, ld, rate, pr, redem, freq, [basis])

Arguments

Parameter	Description
`sd`	Settlement date of the security.
`md`	Maturity date of the security.
`ld`	Last interest date of security.
`rate`	Interest rate of security.
`pr`	Price per $100 face value.
`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 last period, you can use the ODDLYIELD function. The ODDLYIELD function returns the yield of a security with a short or long last period as a percentage. In the example shown, we want to calculate the yield of a bond with a last interest date of 15-Oct-2017 and a settlement date of 5-Feb-2018. The bond matures on 15-Jun-2018, and pays a coupon rate of 5%. 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 ODDLYIELD function returns 6.32%, with the percentage number format applied. In Excel, dates are serial numbers. Generally, the b

Examples

Example

In the example shown, we want to calculate the yield of a bond with a last interest date of 15-Oct-2017 and a settlement date of 5-Feb-2018. The bond

EXCEL

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

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

=ODDLYIELD(DATE(2018,2,5),DATE(2018,6,15),DATE(2017,10,15),0.05,99.5,100,2,0)

ODDLYIELD

Syntax

Arguments

Return Value

Details

Examples

See Also