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The Excel ODDLYIELD Function

Related Function:
ODDFYIELD

Function Description

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

The syntax of the function is:

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

Where the arguments are as follows:

settlement - The settlement date of the security (i.e. the date that the coupon is purchased).
maturity - The maturity date of the security (i.e. the date that the coupon expires).
last_interest - The security's last coupon date.
rate - The security's interest rate.
pr - The security's price.
redemption - The security's redemption value per $100 face value.
frequency -

The number of coupon payments per year. This must be one of the following:

1 - Annually
2 - Semi-Annually
4 - Quarterly
[basis] -

An optional integer argument which specifies the financial day count basis that is used by the security. Possible values are:

Basis Day Count Basis
0 (or omitted) US (NASD) 30/360
1 actual/actual
2 actual/360
3 actual/365
4 European 30/360
For a detailed explanation of the financial day count basis rules, see the Wikipedia Day Count Convention page.

Note that the date arguments must satisfy the following:

last_interest   <   settlement   <   maturity

Also, the date arguments should be supplied to the function as either:

or

Warning: If you attempt to enter text representations of dates into Excel functions, these can be interpreted differently, depending on the date system and date interpretation settings on your computer.


Excel Oddlyield Function Example

The following example shows the Excel Oddlyield function used to calculate the yield of a security with a last interest date of 31-Jan-2017, a settlement date of 15-Apr-2017, and a maturity date 30-Jun-2017. The security's interest rate is 5%, the price is $99.50 and the redemption value is $100. Payments are made quarterly and the US (NASD) 30/360 day count basis is used:

  A B
1 Settlement Date: 15-Apr-2017
2 Maturity Date: 30-Jun-2017
3 Last Interest Date: 31-Jan-2017
4 =ODDLYIELD( B1, B2, B3, 5%, 99.5, 100, 4 )

The above Oddlyield function returns the value 7.36%.

Note that, in the above example:


For further details and examples of the Excel Oddlyield function, see the Microsoft Office website.


Oddlyield Function Errors

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

Common Errors
#NUM! -

Occurs if either:

  • The last_interest date is ≥ settlement date;
  • The settlement date is ≥ maturity date;
  • Invalid numbers are supplied for the rate, pr, redemption, frequency or [basis] arguments.
    (I.e. either: rate < 0; pr ≤ 0; redemption ≤ 0; frequency is any number other than 1, 2 or 4; or [basis] is any number other than 0, 1, 2, 3 or 4).
#VALUE! -

Occurs if either:

  • Any of the supplied arguments are non-numeric;
  • Any of the supplied date arguments are not a valid Excel dates.
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