ODDLYIELD

Syntax:

ODDLYIELD ( settlement , maturity , last-interest , rate , pr , redemption ,frequency [ , [ basis ] ] )

Description: Computes the yield of a security that has an odd (short or long) last period.

Mathematical Formula:

where:

Ai = number of accrued days for the ith, or last, quasi-coupon period within odd period counting forward from last interest date before redemption.DCi = number of days counted in the ith, or last, quasi-coupon period as delimited by the length of the actual coupon period.NC = number of quasi-coupon periods that fit in odd period; if this number contains a fraction it will be raised to the next whole number.NLi = normal length in days of the ith, or last, quasi-coupon period within odd coupon period.

Arguments:

Name

Type

Description

settlement

number

The security's settlement date.

maturity

number

The security's maturity date.

last-interest

number

The security's last coupon date.

rate

number

The security's interest rate.

number

The security's price.

redemption

number

The security's redemption value per $100 face value.

frequency

number

the number of coupon payments per year. (For annual payments, frequency is 1; for semiannual payments, frequency is 2; for quarterly payments, frequency is 4.)

basis

number

The truncated integer type of day count basis to use, as follows:

Value	Day Count Basis
`0` or omitted	US (NASD) 30/360
1	Actual/actual
2	Actual/360
3	Actual/365
4	European 30/360

Time information in the date arguments is ignored.

Return Type and Value: number – The yield of a security that has an odd (short or long) last period.

However, if

settlement, maturity, or last-interest is out of range for the current date base value, #NUM! is returned.
The following is not true: maturity is later than settlement, which is later than last-interest, so #NUM! is returned.
rate or pr < 0, #NUM! is returned.
frequency is any number other than 1, 2, or 4, #NUM! is returned.
basis < 0 or basis > 4, #NUM! is returned.

example: