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 short first coupon price
=ODDFYIELD(A2,B2,C2,D2,E2,B4,100,2,0)Under US 30/360, the first period has 90 days, settlement accrues 30 days and 60 days remain until the first coupon. With a normal half-year of 180 days, cash flows are 1.5, 3 and 103 per 100 face value, at 1/3, 4/3 and 7/3 half-years after settlement. Discount at 2% per half-year and subtract accrued interest 0.5. 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%.
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ODDFYIELD · top-level call
=ODDFYIELD(A2,B2,C2,D2,E2,B4,100,2,0)Follow the cells behind a result
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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.