From ZCubes Wiki
Jump to navigation Jump to search
ODDLYIELD (SettlementDate,MaturityDate,LastInterestDate,Rate,Price,Redemption,Frequency,Basis)

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


  • This function gives the yield of a security that pays interest periodically but has an odd last period.
  • This function is the inverse function of the OddLPrice function.
  • In , 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 has its last payment. This date must be before the settlementDate.
  • 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
  • is calculated as follows:

  • = number of accrued days for the ith, or last, quasi-coupon period within odd period counting forward from last interest date before redemption.
  • = number of days counted in the ith, or last, quasi-coupon period as delimited by the length of the actual coupon period.
  • = number of quasi-coupon periods that fit in odd period; if this number contains a fraction it will be raised to the next whole number.
  • = normal length in days of the ith, or last, quasi-coupon period within odd coupon period.
  • The date arguments must satisfy the following conditions:
       SettlementDate <LastInterestDate < MaturityDate. 
  • Also , , ,and are truncated in to integers.
  • This function gives the result as error when
  1.The date arguments SettlementDate, MaturityDate and LastInterestDate are not a valid date.
  2.Rate<0 or Price<=0
  3.Basis<0 or Basis>4


  1. =ODDLYIELD("10/May/1998","28/Sep/1998","5/Mar/1998",4.05%,125,50,4,0)= -1.523902561320
  2. =ODDLYIELD("10/May/1998","28/Sep/1998","5/Mar/1998",4.05%,125,50,1,1) = -1.5119336294351
  3. =ODDLYIELD("5/10/1998","9/28/1998","3/5/1998",4.05%,125,50,2,2)= -1.49066037101320
  4. =ODDLYIELD("10/May/1998","28/Sep/1998","5/Mar/1998",4.05%,125,50,2,3)= -1.5119336294351
  5. =ODDLYIELD("10/May/1998","28/Sep/1998","5/Mar/1998",4.05%,125,50,2,4) = -1.5239025613

Related Videos


See Also