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Financial function

ODDFYIELD

Returns the yield of a security with an odd first period.

Rarely usedDifficulty 1650 · ExpertUsage rank #482 of 520
Practice · 2 questions →

When to use it

Yield of a bond with an odd first coupon period.

The shape of it

Syntax
=ODDFYIELD(settlement, maturity, issue, first_coupon, rate, pr, redemption, frequency, [basis])

Worked examples

  • From a price

    =ODDFYIELD(DATE(2008,11,11),DATE(2021,3,1),DATE(2008,10,15),DATE(2009,3,1),0.0575,84.5,100,2,0) → 7.72%

    A 5.75% bond at 84.5.

  • At par

    =ODDFYIELD(DATE(2008,11,11),DATE(2021,3,1),DATE(2008,10,15),DATE(2009,3,1),0.0575,100,100,2,0) → ≈ 5.75%

    At par the yield is near the coupon.

  • Round trip

    =ODDFPRICE(DATE(2008,11,11),DATE(2021,3,1),DATE(2008,10,15),DATE(2009,3,1),0.0575,0.0772,100,2,0) → ≈ 84.5

    ODDFPRICE reverses the first example.

Worth knowing

  • Iterative; supply reasonable inputs.
  • ODDFPRICE is the inverse.
  • Dates must be ordered issue, settlement, first coupon, maturity.

Where it goes wrong

  • #NUM! for out-of-order dates or a non-positive price.
  • Text dates return #VALUE!.

Related

PMTNPVIRRIPMTPPMTPV

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