Manuals/calci/ODDLYIELD

ODDLYIELD (SettlementDate,MaturityDate,LastInterestDate,Rate,Price,Redemption,Frequency,Basis)

Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle SettlementDate } is the settlement.
Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle MaturityDate } is the maturity.
Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle LastInterestDate } is the last coupon date.
Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle Rate } is the rate of interest.
Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle Price } is the security's price.
Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle Redemption } is the security's redemption.
Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle Frequency } is the frequency.
Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle Basis } is the basis.
- ODDLYIELD(), returns the yield of a security with an odd last period.

Description

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 Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle ODDLYIELD (SettlementDate,MaturityDate,LastInterestDate,Rate,Price,Redemption,Frequency,Basis) } , Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle SettlementDate } is the security's settlementDate. It is a Date or DateTime specifying when the security was purchased.
Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle MaturityDate } is the security's maturity date. This date is after the settlement date specifying when the security matures.
$LastInterestDate$ is the date which is specifying when the security has its last payment. This date must be before the settlementDate.
Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle Rate } is a non-negative number specifying the interest rate for the coupons that the security pays.
Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle Price } is a non-negative number or currency specifying the security’s purchase price per $100 of face value.
Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle Redemption } is a number or currency specifying the security’s value at redemption per $100 of face value.
Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle Frequency } is is a number specifying the number of coupons per year.
The supported values are

 1 -annual payments
 2 -semiannual payments
 4 -quarterly.

Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle Basis } 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

Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle ODDLYIELD } is calculated as follows:

Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle \left [\dfrac{\left (redemption + \left (\left(\sum_{i=1}^{NC}\frac{DC_i}{NL_i}\right )*\frac{100*rate}{frequency}\right )\right )-\left (par + \left ( \left (\sum_{i=1}^{NC}\frac{A_i}{NL_i}\right )*\frac{100*rate}{frequency}\right )\right )} {par + \left ( \left (\sum_{i=1}^{NC}\frac{A_i}{NL_i}\right )*\frac{100*rate}{frequency}\right )}\right ] * \left [\frac{frequency}{\left(\sum_{i=1}^{NC}\frac{DSC_i}{NL_i}\right )}\right ]}

Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle A_i } = number of accrued days for the ith, or last, quasi-coupon period within odd period counting forward from last interest date before redemption.
Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle DC_i} = number of days counted in the ith, or last, quasi-coupon period as delimited by the length of the actual coupon period.
Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle NC} = 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.
Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle NL_i} = 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 Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle SettlementDate } , Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle MaturityDate } , Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle LastInterestDate} ,and Failed to parse (MathML with SVG or PNG fallback (recommended for modern browsers and accessibility tools): Invalid response ("Math extension cannot connect to Restbase.") from server "https://wikimedia.org/api/rest_v1/":): {\displaystyle Basis } 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

Examples

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

References

Oddlyield

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