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Financial function

ODDLYIELD

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

Rarely usedDifficulty 1650 · ExpertUsage rank #484 of 520
Practice · 2 questions →

When to use it

Yield of a bond with an odd last coupon period.

The shape of it

Syntax
=ODDLYIELD(settlement, maturity, last_interest, rate, pr, redemption, frequency, [basis])

Worked examples

  • From a price

    =ODDLYIELD(DATE(2008,4,20),DATE(2008,6,15),DATE(2007,12,24),0.0375,99.875,100,2,0) → 4.52%

    A 3.75% bond at 99.875.

  • At par

    =ODDLYIELD(DATE(2008,4,20),DATE(2008,6,15),DATE(2007,12,24),0.0375,100,100,2,0) → ≈ 3.75%

    At par.

  • Round trip

    =ODDLPRICE(DATE(2008,4,20),DATE(2008,6,15),DATE(2007,12,24),0.0375,0.04519,100,2,0) → ≈ 99.875

    ODDLPRICE reverses the first example.

Worth knowing

  • ODDLPRICE is the inverse.
  • Dates: last_interest, settlement, maturity in order.
  • Basis matters near maturity.

Where it goes wrong

  • #NUM! for out-of-order dates.
  • Text dates return #VALUE!.

Related

PMTNPVIRRIPMTPPMTPV

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