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ODDFYIELD Function
Summary
The ODDFYIELD function calculates the yield on a security featuring an irregular first coupon period, essential for bonds with non-standard payment schedules at issuance.
Syntax
ODDFYIELD(settlement, maturity, issue, first_coupon, rate, pr, redemption, frequency, [basis])Parameters
| Parameter | Type | Required | Description |
|---|---|---|---|
| settlement | Date |
Yes | Security's settlement date - when traded to buyer after issue |
| maturity | Date |
Yes | Security's maturity date - when it expires |
| issue | Date |
Yes | Security's issue date |
| first_coupon | Date |
Yes | Date of first coupon payment |
| rate | Number |
Yes | Annual interest rate (coupon rate) |
| pr | Number |
Yes | Security's price per $100 face value |
| redemption | Number |
Yes | Redemption value per $100 face value (typically 100) |
| frequency | Number |
Yes | Coupon payments per year (1=annual, 2=semiannual, 4=quarterly) |
| basis | Number |
No | Day count basis (0=30/360 US, 1=Actual/actual, 2=Actual/360, 3=Actual/365, 4=European 30/360) |
Using the ODDFYIELD Function
ODDFYIELD is crucial for fixed-income analysis when dealing with bonds that have irregular first coupon periods due to issuance timing. Use it to determine the effective yield based on market price for securities with non-standard payment schedules.
Common ODDFYIELD Examples
Bond with Odd First Coupon
=ODDFYIELD(DATE(2008,11,11),DATE(2021,3,1),DATE(2008,10,15),DATE(2009,3,1),0.0575,84.50,100,2,0)Calculates 7.72% yield for bond settled Nov 11, 2008 with first coupon March 1, 2009 (shorter first period), semiannual payments using 30/360 basis.
Frequently Asked Questions
Common Errors and Solutions
#NUM!
Cause: rate < 0, pr ≤ 0, or invalid basis (not 0-4)
Solution: Verify rate > 0, pr > 0, basis between 0-4
#VALUE!
Cause: Invalid date values for settlement/maturity/issue/first_coupon
Solution: Use DATE(year,month,day) functions
#NUM!
Cause: Date sequence invalid: maturity ≤ first_coupon ≤ settlement ≤ issue
Solution: Ensure: maturity > first_coupon > settlement > issue
Notes
- Uses iterative Newton-Raphson method (100 iterations)
- Dates truncated to integers
- Requires strict chronological order of dates
- Related to ODDFPRICE function
Compatibility
Available in: Excel 2007, Excel 2010, Excel 2013, Excel 2016, Excel 2019, Excel 2021, Microsoft 365
Not available in: Excel 2003 and earlier
Content last reviewed: December 9, 2025
Update frequency: As needed
Excel versions tested: Excel 2007+