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EXCEL ODDLYIELD FUNCTION
Excel ODDLYIELD Function Introduction
The ODDLYIELD function in Excel computes the yield of a securities with an odd (short and long) last term.
Description of Excel ODDLYIELD Function
Syntax :
=ODDFYIELD( settlement, maturity, last_interest, rate, pr, redemption, frequency, [basis] )
Parameters :
- Settlement – The ministry’s settlement date.
- Maturity – The security’s expiry date.
- Last interest – The latest coupon date of the security.
- Rate – The interest rate on the security.
- Pr – The cost of a security.
- Redemption – The redemption value of a security per $100 full price.
- Frequency – The amount of cash flows made every year. It has to be one of the following: 1yearly, 2semi-annually, and 4quarterly.
- Basis – An optional integer input that sets the security’s financial day count basis.
| Basis | Day Count Basis |
|---|---|
| 0 (or omitted) | US (NASD) 30/360 |
| 1 | actual/actual |
| 2 | actual/360 |
| 3 | actual/365 |
| 4 | European 30/360 |
Step By Step Guide of ODDLYIELD Function
Example :
The Excel Oddlyield function may be used to calculate the yield of a security with a last interest date of 31-Jan-2017, a closing date of 15-Apr-2017, and a maturity date of 30-Jun-2017. The rate of interest on the investment is 5%, the price is $99.50, and the redeeming value is $100. Payments are made quarterly on a 30/360 day count basis in the United States (NASD):
Key Points
- #VALUE! – This occurs if any of the provided arguments are non-numeric; Any of the date parameters given are not acceptable Excel dates.
- #NUM! – Occurs if one of the following conditions is met: the last interest date is the settlement date; the settlement date is the maturity date; For the rate, pr, redeem, frequency, or [base] arguments, incorrect numbers are specified. (That is, either rate 0; price 0; redemption 0; frequency is any value else than 1, 2, 3, or 4; or [base] is any integer other than 0, 1, 2, 3, or 4).
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