# 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:

• References to cells containing dates
or
• Dates returned from other functions or formulas.

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:

• As the [basis] argument has been omitted, the function uses the default value 0 (denoting the US (NADS) 30/360 day count basis).
• As recommended, the date arguments are supplied to the function as references to cells containing dates.

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.