Excel - Microsoft Excel Oddfyield Function

Description

The Excel ODDFYIELD function calculates the yield of a security with an odd (short or long) first period.

The syntax of the function is :

ODDFYIELD( settlement, maturity, issue, first_coupon, rate, pr, redemption, frequency, [basis] ) 

Where the arguments are as follows: 

The date arguments must satisfy the following: 

issue   <   settlement   <   first_coupon   <   maturity 

Note also, that the date arguments should be supplied to the function as either: 

• References to cells containing dates

or 

• Dates returned from other functions or formulas

Warning: 

Excel Oddfyield Function Example

The following example shows the Excel Oddfyield function used to calculate the yield of a security with an issue date of 15-Mar-2011, a settlement date of 01-May-2011, a first coupon date of 30-Jun-2011, and a Maturity date 30-Jun-2015. The security's interest rate is 5.5%, the price is $102 and the redemption value is $100. Payments are made quarterly and the US (NASD) 30/360 day count basis is used: 

Note that, in the above example: 

Oddfyield Function Errors

If you get an error from the Oddfyield function, this is likely to be one of the following:

Common Errors