ODDFYIELD function
Returns the yield of a security with an odd first period
Syntax
ODDFYIELD(settlement, maturity, issue, first_coupon, rate, pr, redemption, frequency, [basis])Square brackets indicate optional arguments.
Arguments
| Argument | Required | Meaning |
|---|---|---|
| settlement | Yes | The security's settlement date."2008-11-11" |
| maturity | Yes | The security's maturity date."2021-3-1" |
| issue | Yes | The security's issue date."2008-10-15" |
| first_coupon | Yes | The security's first coupon date."2009-3-1" |
| rate | Yes | The security's interest rate.5.75% |
| pr | Yes | The security's price.84.5 |
| redemption | Yes | The security's redemption value per $100 face value.100 |
| frequency | Yes | The number of coupon payments per year. For annual payments, frequency = 1; for semiannual, frequency = 2; for quarterly, frequency = 4.2 |
| basis | No | The type of day count basis to use.0 |
Try ODDFYIELD
Recover yield from a long first coupon price
=ODDFYIELD(A2,B2,C2,D2,E2,B4,100,2,0)The first coupon covers nine 30-day months, so it pays 4.5 per 100 face value rather than the regular 3. Settlement is on an unpaid quasi-coupon boundary, six months before the first actual payment. Discount cash flows 4.5, 3 and 103 over one, two and three half-years at 2%, then subtract accrued interest 1.5. Dates are Excel serials, rates are annual decimals and frequency is 2. The bond terms are synthetic. The supplied price is independently calculated from those cash flows; solving for annual yield gives 4%.
Inspect the current formula
Read its written arguments or observe actual operation values in a separate local calculation. This action neither applies a draft nor grades an answer.
Read the formula, one argument at a time
Explore the written function calls and their inputs. The calculation result belongs to the complete formula.
ODDFYIELD · top-level call
=ODDFYIELD(A2,B2,C2,D2,E2,B4,100,2,0)Follow the cells behind a result
Read explicit local references and helper formulas using a separate calculation. Your draft stays in this field; the worksheet and practice checks do not change.
The worksheet runs locally. Published checks apply to the supplied example only. Native Excel and Google Sheets compatibility remain unverified.
Reference and compatibility
Univer 1.0.4 / Apache-2.0. Calculation checks cover the supplied examples only. The browser worksheet does not implement every Excel feature, external service or connected data type.