Manuals/calci/ODDFYIELD

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

• $SettlementDate$ is the settlement.
• $MaturityDate$ is the maturity.
• $IssueDate$ is the issue date.
• $FirstCouponDate$ is the first coupon date.
• $Rate$ is the rate of interest.
• $Price$ is the security's price.
• $Redemption$ is the security's redemption.
• $Frequency$ is the frequency.
• $Basis$ is the basis.
  • ODDFYIELD(),returns the yield of a security with an odd first period.

Description

• This function gives the yield of a security that pays interest periodically but has an odd first period.
• $ODDFYIELD(SettlementDate,MaturityDate,IssueDate,FirstCouponDate,Rate,Price,Redemption,Frequency,Basis,Guess)$,$SettlementDate$ is the security's settlementDate. It is a Date or DateTime specifying when the security was purchased.
• $MaturityDate$ is the security's maturity date. This date is after the settlement date specifying when the security matures.
• $IssueDate$ is the date which is specifying when the security was issued.
• $FirstCouponDate$ 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.
• $Rate$ is a non-negative number specifying the interest rate for the coupons that the security pays.
• $Price$ is a non-negative number or currency specifying the security’s purchase price per $100 of face value.
• $Redemption$ is a number or currency specifying the security’s value at redemption per $100 of face value.
• $Frequency$ is is a number specifying the number of coupons per year.
• The supported values are

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

• $Basis$ 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

• To find the value of a $ODDFYIELD$ 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 $SettlementDate$, $MaturityDate$,$IssueDate$,$FirstCouponDate$ and $Basis$ 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

Examples

Spreadsheet

	A	B
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

Related Videos

ODDFYIELD

See Also

• ODDFPRICE
• ODDLPRICE
• ODDLYIELD

References

• Oddfyield

• List of Main Z Functions

• Z3 home