Skip to content
Free Excel Tutorials
  • Home
  • Excel For Beginners
  • Excel Intermediate
  • Advanced Excel For Experts

Data Analysis

  • Error Bars in Excel
  • How to create Checklist in Excel
  • What-If Analysis: Scenarios and Goal Seek in Excel
  • Example of COUNTIFS with variable table column in Excel
  • Excel Bar Chart

References

  • How to get first row number in range in Excel
  • How to get last row in text data in Excel
  • How to use Excel FORMULATEXT function
  • How to use Excel TRANSPOSE Function
  • Get nth match with INDEX / MATCH in Excel

Data Validations

  • Excel Data validation allow weekday only
  • Excel Data validation exists in list
  • Prevent invalid data entering in specific cells
  • Excel Data validation whole percentage only
  • Excel Data validation only dates between

ODDFYIELD function: Description, Usage, Syntax, Examples and Explanation

by

What is ODDFYIELD function in Excel?

ODDFYIELD function is one of the Financial functions in Microsoft Excel that returns the yield of a security that has an odd (short or long) first period.

Syntax of ODDFYIELD function

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

The ODDFYIELD function syntax has the following arguments:

  • Settlement: The security’s settlement date. The security settlement date is the date after the issue date when the security is traded to the buyer.
  • Maturity: The security’s maturity date. The maturity date is the date when the security expires.
  • Issue: The security’s issue date.
  • First_coupon: The security’s first 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. For annual payments, frequency = 1; for semiannual, frequency = 2; for quarterly, frequency = 4.
  • Basis (Optional): The type of day count basis to use.

Note: Problems can occur if dates are entered as text. Therefore, all dates should be entered by using the DATE function, or formatted as date under format cell to avoid errors.

Basis Day count basis
0 or omitted US (NASD) 30/360
1 Actual/actual
2 Actual/360
3 Actual/365
4 European 30/360

ODDFYIELD formula explanation

  • Microsoft Excel stores dates as sequential serial numbers so they can be used in calculations. By default, January 1, 1900 is serial number 1, and January 1, 2008 is serial number 39448 because it is 39,448 days after January 1, 1900.
  • The settlement date is the date a buyer purchases a coupon, such as a bond. The maturity date is the date when a coupon expires. For example, suppose a 30-year bond is issued on January 1, 2008, and is purchased by a buyer six months later. The issue date would be January 1, 2008, the settlement date would be July 1, 2008, and the maturity date would be January 1, 2038, which is 30 years after the January 1, 2008, issue date.
  • Settlement, maturity, issue, first_coupon, and basis are truncated to integers.
  • If settlement, maturity, issue, or first_coupon is not a valid date, ODDFYIELD returns the #VALUE! error value.
  • If rate < 0 or if pr ≤ 0, ODDFYIELD returns the #NUM! error value.
  • If basis < 0 or if basis > 4, ODDFYIELD returns the #NUM! error value.
  • The following date condition must be satisfied; otherwise, ODDFYIELD returns the #NUM! error value:maturity > first_coupon > settlement > issue
  • Excel uses an iterative technique to calculate ODDFYIELD. This function uses the Newton method based on the formula used for the function ODDFPRICE. The yield is changed through 100 iterations until the estimated price with the given yield is close to the price. See ODDFPRICE for the formula that ODDFYIELD uses.

Example of ODDFYIELD function

Steps to follow:

1. Open a new Excel worksheet.

2. Copy data in the following table below and paste it in cell A1

Note: For formulas to show results, select them, press F2 key on your keyboard and then press Enter.

You can adjust the column widths to see all the data, if need be.

Data Argument description
November 11, 2008 Settlement date
March 1, 2021 Maturity date
October 15, 2008 Issue date
March 1, 2009 First coupon date
5.75% Percent coupon
84.50 Price
100 Redemptive value
2 Frequency is semiannual
0 30/360 basis
Formula Description Result
=ODDFYIELD(A2, A3, A4, A5, A6, A7, A8, A9, A10) The yield of a security that has an odd (short or long) first period, for the bond using the terms in cells A2:A10 as function arguments. Result is (0.0772, or 7.72%). 7.72%

Post navigation

Previous Post:

DCOUNT function: Description, Usage, Syntax, Examples and Explanation

Next Post:

231 Keyboard Shortcut Keys In Excel

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Learn Basic Excel

Ribbon
Workbook
Worksheets
Format Cells
Find & Select
Sort & Filter
Templates
Print
Share
Protect
Keyboard Shortcuts

Categories

  • Charts
  • Data Analysis
  • Data Validation
  • Excel Functions
    • Cube Functions
    • Database Functions
    • Date and Time Functions
    • Engineering Functions
    • Financial Functions
    • Information Functions
    • Logical Functions
    • Lookup and Reference Functions
    • Math and Trig Functions
    • Statistical Functions
    • Text Functions
    • Web Functions
  • Excel VBA
  • Excel Video Tutorials
  • Formatting
  • Grouping
  • Others

Logical Functions

  • How to use IFS function in Excel
  • Complete List of Excel Logical Functions, References and Examples
  • XOR function: Description, Usage, Syntax, Examples and Explanation
  • IFNA function: Description, Usage, Syntax, Examples and Explanation
  • TRUE function: Description, Usage, Syntax, Examples and Explanation

Date Time

  • Two ways to sum time over 30 minutes in Excel
  • How to calculate next scheduled event in Excel
  • Display the current date in Excel
  • How to join date and text together in Excel
  • How to calculate Day of the Year in Excel

Grouping

  • Group times into unequal buckets in Excel
  • Group numbers with VLOOKUP in Excel
  • Group times into 3 hour buckets in Excel
  • Group numbers at uneven intervals in Excel
  • Categorize text with keywords in Excel

General

  • How to calculate project complete percentage in Excel
  • Excel Operators
  • Currency vs Accounting Format in Excel
  • How to calculate profit margin percentage in Excel
  • How to fill cell ranges with random number from fixed set of options in Excel
© 2023 xlsoffice . All Right Reserved. | Teal Smiles | Abbreviations And Their Meaning