ODDLYIELD Function
Calculates the yield of a security with an odd last coupon period.
Syntax
Parameters
| Parameter | Description | Required |
|---|---|---|
| settlement | Date the security is purchased. | Required |
| maturity | Date the security expires. | Required |
| last_interest | Date of the last coupon payment before settlement. | Required |
| rate | Annual coupon rate. | Required |
| pr | Price per $100 face value. | Required |
| redemption | Redemption value per $100 face value. | Required |
| frequency | Number of coupon payments per year (1, 2, or 4). | Required |
| basis | Day-count convention (0 = US 30/360, default). | Optional |
Basic Example
Yield of a bond with an odd last coupon period
=ODDLYIELD(DATE(2024,4,1), DATE(2034,4,1), DATE(2024,1,1), 0.05, 95, 100, 2)Calculates the yield for a bond priced at $95 with an irregular last coupon period.
Advanced Examples
Example 1: With actual/actual basis
Treasury bondUse basis 1 for actual/actual
=ODDLYIELD(DATE(2024,4,1), DATE(2034,4,1), DATE(2024,1,1), 0.05, 95, 100, 2, 1)How ODDLYIELD Works
ODDLYIELD solves for the yield that equates the present value of the bond's cash flows, including the irregular last coupon, to the purchase price.
Important Notes & Limitations
All dates must be valid Excel dates.
Last interest date must be before maturity.
Settlement must be before maturity.
Common Errors & Fixes
#NUM! errorInvalid dates, price, or rates.Fix: Verify all inputs and date order.
#VALUE! errorDates are not recognized.Fix: Use DATE function or valid date serial numbers.
Download Practice File
ODDLYIELD
oddlyieldPractice ODDLYIELD with Real Data
Download a sample CSV file with pre-populated data and practice exercises for the ODDLYIELD function. Works in both Excel and Google Sheets.
File format: CSV (comma-separated values) - opens in Excel, Google Sheets, and all spreadsheet apps