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Financial
The Excel ODDLYIELD function returns the yield of a bond with an odd (irregular) last period. Settlement and maturity are dates wrap them in DATE() so Excel reads them correctly..
Quick answer:
=ODDLYIELD(DATE(2030,9,1), DATE(2031,1,1), DATE(2030,7,1), 5%, 99.5, 100, 2) // yield with odd last period
Syntax
=ODDLYIELD(settlement, maturity, last_interest, rate, pr, redemption, frequency, [basis])
| Argument | Description | |
|---|---|---|
settlement | Required | Settlement date. |
maturity | Required | Maturity date. |
last_interest | Required | Last coupon date. |
rate | Required | Coupon rate. |
pr | Required | Price per $100. |
redemption | Required | Redemption per $100. |
frequency | Required | Coupons per year. |
basis | Optional | Day-count basis. |
How to use it
ODDLYIELD returns the yield of a bond with an odd (irregular) last period. Settlement and maturity are dates wrap them in DATE() so Excel reads them correctly..
=ODDLYIELD(DATE(2030,9,1), DATE(2031,1,1), DATE(2030,7,1), 5%, 99.5, 100, 2) // yield with odd last period
Try it: interactive demo
Live demo
This is the formula pattern ODDLYIELD uses — copy it into Excel with your own numbers.
Result: computed in Excel
Practice workbook
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Frequently asked questions
How do I enter the dates?
Wrap settlement and maturity in DATE(year,month,day) so Excel reads real dates, not text.
Which Excel versions support it?
All modern versions.
Why might it return #NUM! or #VALUE!?
Out-of-range arguments (e.g. negative rate or settlement after maturity) give #NUM!; non-numeric inputs give #VALUE!.
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