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EXCEL ODDFYIELD FUNCTION
Excel ODDFYIELD Function Introduction
The ODDFYIELD function in Excel computes the yield of an asset with an odd (short or long) first period.
Description of Excel ODDFYIELD Function
Syntax :
=ODDFYIELD( settlement, maturity, issue, first_coupon, rate, pr, redemption, frequency, [basis] )
Parameters :
- Settlement – The ministry’s settlement date .
- Maturity – The ministry’s maturity date .
- Issue – The date on which the insurance was granted.
- First coupon – The first coupon date for the security. rate-The interest rate on the security.
- Pr – The cost of a security.
- Redemption – The redemption price of the securities per $100 face value.The number of coupon payments made every year.
- Frequency – The number of coupon payments made every year. It has to be among the following:
1 – Annually
2 – Semi-Annually
4 – Quarterly - Basis – An optional integer input that sets the security’s financial day count basis. Possible values include:
| Basis | Day Count Basis |
|---|---|
| 0 (or omitted) | US (NASD) 30/360 |
| 1 | actual/actual |
| 2 | actual/360 |
| 3 | actual/365 |
| 4 |
|
Step By Step Guide of ODDFYIELD Function
Example :
the Oddfyield function in Excel was used to compute the yield of a security having an issue date of 15-Mar-2017, a settlement date of 01-May-2017, a first coupon date of 30-Jun-2017, and a maturity date of 30-Jun-2021. The interest rate on the security is 5.5 percent, the price is $102, and the redemption value is $100. Payments are made quarterly on a 30/360 day count basis in the United States (NASD):
Key Points
- #VALUE! – This error occurs if any of the given parameters are non-numeric or any of the supplied date arguments are not valid Excel dates.
- #NUM! – Occurs if any of the following conditions are met: the issue date is the settlement date; the settlement date is the first coupon date; the first coupon date is the maturity date; For the rate, pr, redemption, frequency, or [base] arguments, incorrect numbers are specified. (That is, if both the rate is 0; the price is 0; the redeem is 0; the regularity is any value other than 1, 2, or 4; or the [base] is any value apart from 0, 1, 2, 3, or 4).
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