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
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