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Excel

ODDFYIELD function in Excel

Returns the yield of a security with an odd first period

=ODDFYIELD(settlement, maturity, issue, first_coupon, rate, pr, redemption, frequency, [basis])

ODDFYIELD syntax and parameters

Nine arguments, eight required.

  • settlementanyRequired

    The security's settlement date. The security settlement date is the date after the issue date when the security is traded to the buyer.

  • maturityanyRequired

    The security's maturity date. The maturity date is the date when the security expires.

  • issueanyRequired

    The security's issue date.

  • first_couponanyRequired

    The security's first coupon date.

  • ratenumberRequired

    The security's interest rate.

  • prnumberRequired

    The security's price.

  • redemptionnumberRequired

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

  • frequencynumberRequired

    The number of coupon payments per year. For annual payments, frequency = 1; for semiannual, frequency = 2; for quarterly, frequency = 4.

  • basisnumberOptional

    The type of day count basis to use.

ODDFYIELD examples

Formulas you'll actually reuse.

  1. The yield of that odd-first-period bond at a price of 104:

    =ODDFYIELD(DATE(2026, 5, 15), DATE(2031, 3, 15), DATE(2026, 4, 1), DATE(2026, 9, 15), 5%, 104, 100, 2, 0)

  2. From cells, with the price in H2:

    =ODDFYIELD(B2, C2, D2, E2, F2, H2, 100, 2)

ODDFYIELD in Google Sheets

No direct equivalent — here's the way around.

Try ODDFYIELD in the playground

Edit the example — nothing to install.

Preloaded with the ODDFYIELD formula from Example 1 — change anything and watch it respond.

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Related functions

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