Quick Answer

YIELDMAT Function

Calculates the annual yield of a security that pays interest at maturity.

Syntax

YIELDMAT

(settlement, maturity, issue, rate, pr, [basis])

Parameters

Parameter	Description	Required
settlement	Date the security is purchased.	Required
maturity	Date the security expires.	Required
issue	Date the security was issued.	Required
rate	Annual interest rate at issue.	Required
pr	Price per $100 face value.	Required
basis	Day-count convention (0 = US 30/360, default).	Optional

Basic Example

Yield of a maturity-paying security

=YIELDMAT(DATE(2024,4,1), DATE(2024,12,31), DATE(2024,1,1), 0.06, 98)

ResultAnnual yield to maturity

Calculates the yield for a security issued January 1, 2024, paying 6% interest at maturity, and priced at $98.

Advanced Examples

Example 1: With actual/365 basis

Money market instrument

Use basis 3 for actual/365

=YIELDMAT(DATE(2024,4,1), DATE(2024,12,31), DATE(2024,1,1), 0.06, 98, 3)

Result: Yield using actual/365

Basis 3 counts actual days and uses a 365-day year.

How YIELDMAT Works

YIELDMAT solves for the yield that equates the present value of the maturity payment, including accrued interest, to the current price.

1

Enter settlement

Type the settlement

2

Enter maturity

Type the maturity

3

Enter issue

Type the issue

4

Enter rate

Type the rate

5

Calculate

Press Enter to get the result.

Important Notes & Limitations

Settlement must be before maturity.
Issue date must be before maturity.
Basis affects the day count.

Common Errors & Fixes

#NUM! errorInvalid dates, rate, or price.

Fix: Verify all inputs and date order.

#VALUE! errorDates are not recognized.

Fix: Use DATE function or valid date serial numbers.

Download Practice File

Practice YIELDMAT with Real Data

Download a sample CSV file with pre-populated data and practice exercises for the YIELDMAT function. Works in both Excel and Google Sheets.

Works in Google SheetsCompatible with ExcelIncludes exercises

File format: CSV (comma-separated values) - opens in Excel, Google Sheets, and all spreadsheet apps

Related Functions

ACCRINT

Calculates accrued interest for a security that pays periodic interest.

ACCRINTM

Calculates accrued interest for a security that pays interest at maturity.

AMORDEGRC

Calculates depreciation for a specific period using the French declining balance method.

AMORLINC

Calculates depreciation for a specific period using the French straight-line method.

COUPDAYBS

Calculates the number of days from the beginning of the coupon period to the settlement date.

COUPDAYS

Calculates the number of days in the coupon period that contains the settlement date.

Frequently Asked Questions

What is the difference between YIELDMAT and YIELD?

YIELDMAT is for securities that pay interest at maturity. YIELD is for periodic coupon bonds.

When is YIELDMAT used?

It is used for zero-coupon bonds and certificates of deposit.