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ODDFYIELD (SettlementDate,MaturityDate,IssueDate,FirstCouponDate,Rate,Price,Redemption,Frequency,Basis,Guess)

  • is the settlement.
  • is the maturity.
  • is the issue date.
  • is the first coupon date.
  • is the rate of interest.
  • is the security's price.
  • is the security's redemption.
  • is the frequency.
  • is the basis.
    • ODDFYIELD(),returns the yield of a security with an odd first period.


  • This function gives the yield of a security that pays interest periodically but has an odd first period.
  • , is the security's settlementDate. It is a Date or DateTime specifying when the security was purchased.
  • is the security's maturity date. This date is after the settlement date specifying when the security matures.
  • is the date which is specifying when the security was issued.
  • is the date which is specifying when the security has its first interest payment. This date must be after the settlement date but before the maturity date.
  • is a non-negative number specifying the interest rate for the coupons that the security pays.
  • is a non-negative number or currency specifying the security’s purchase price per $100 of face value.
  • is a number or currency specifying the security’s value at redemption per $100 of face value.
  • is is a number specifying the number of coupons per year.
  • The supported values are
 1 -annual payments
 2 -semiannual payments
 4 -quarterly.
  • is an optional number specifying the day basis system to use.
  • The following types are supported
Basis Day count basis
0 or omitted American 30/360 (default)
1 actual/actual
2 actual/360
3 actual/365
4 European 30/360
  • To find the value of a we are using the iterative technique.
  • The value is changed through 100 iterations until the estimated price with the given value is near to the price.
  • The date arguments must satisfy the following conditions:
   IssueDate<SettlementDate <FirstCouponDate < MaturityDate. 
  • Also , ,, and are truncated in to integers.
  • This function gives the result as error when
  1.The date arguments SettlementDate,MaturityDate and FirstCouponDate are not a valid date.
  2.Rate<0 or Price<=0
  3.Basis<0 or Basis>4


1 9/17/2006 7/15/2000
2 4/1/2020 8/10/2025
3 7/2/2006 2/28/2000
4 11/5/2010 11/1/2002
5 7.5% 8.25%
6 78.55 93.1
7 100 125
8 2 1
9 0 0
  1. =ODDFYIELD(A1,A2,A3,A4,A5,A6,A7,A8,A9)= 0.09758683535
  2. =ODDFYIELD(B1,B2,B3,B4,B5,B6,B7,B8,B9)=0.09086257924
  3. =ODDFYIELD(B1,B2,B3,B4,B5,B6,B7,4,2)=0.089941749932

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