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ODDLYIELD Function
Summary
The Excel ODDLYIELD function calculates the yield for a security featuring an irregular (odd) final coupon period. This advanced financial function is essential for accurately pricing bonds with non-standard last interest periods.
Syntax
ODDLYIELD(settlement, maturity, last_interest, rate, pr, redemption, frequency, [basis])Parameters
| Parameter | Type | Required | Description |
|---|---|---|---|
| settlement | Date |
Yes | Security's settlement date - when the security is traded to the buyer |
| maturity | Date |
Yes | Security's maturity date - when the security expires |
| last_interest | Date |
Yes | Security's last coupon (interest) payment date |
| rate | Number |
Yes | Annual interest rate of the security |
| pr | Number |
Yes | Security's price per $100 face value |
| redemption | Number |
Yes | Security's redemption value per $100 face value |
| frequency | Number |
Yes | Number of 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=30/360 European) |
Using the ODDLYIELD Function
ODDLYIELD is designed for fixed income analysts pricing bonds with irregular final periods. Use it when the time between the last coupon payment and maturity doesn't match the standard coupon frequency.
Common ODDLYIELD Examples
Bond with Short Final Period
=ODDLYIELD(DATE(2008,4,20), DATE(2008,6,15), DATE(2007,12,24), 0.0375, 99.875, 100, 2, 0)Calculates yield for a bond settling 4/20/2008, maturing 6/15/2008 with last coupon 12/24/2007. Returns approximately 4.52%.
Frequently Asked Questions
Common Errors and Solutions
#VALUE!
Cause: Invalid date values for settlement, maturity, or last_interest
Solution: Use DATE() function or ensure dates are properly formatted
#NUM!
Cause: rate < 0, pr ≤ 0, or invalid basis value
Solution: Verify rate > 0, pr > 0, basis between 0-4
#NUM!
Cause: Date logic violation: maturity ≤ settlement or settlement ≤ last_interest
Solution: Ensure maturity > settlement > last_interest
Notes
- Dates must use DATE() function - never enter as text
- Excel truncates date arguments to integers
- Function available only in Excel 2007 and later
- Critical date condition: maturity > settlement > last_interest
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+