The Excel ODDFYIELD function calculates the yield of a security with an odd (short or long) first period.

**Syntax**:= ODDFYIELD (sd, md, id, fd, rate, pr, redem, freq, [basis])

The ODDFYIELD function syntax has the following arguments:

**Settlement**Required. The security’s settlement date. The security settlement date is the date after the issue date when the security is traded to the buyer.**Maturity**Required. The security’s maturity date. The maturity date is the date when the security expires.**Issue**Required. The security’s issue date.**First_coupon**Required. The security’s first coupon date.**Rate**Required. The security’s interest rate.**Pr**Required. The security’s price.**Redemption**Required. The security’s redemption value per $100 face value.**Frequency**Required. The number of coupon payments per year. For annual payments, frequency = 1; for semiannual, frequency = 2; for quarterly, frequency = 4.**Basis**Optional. The type of day count basis to use.

Basis |
Day count basis |
---|---|

0 or omitted | US (NASD) 30/360 |

1 | Actual/actual |

2 | Actual/360 |

3 | Actual/365 |

4 | European 30/360 |

**Example**: Let’s look at some Excel ODDFYIELD function examples and explore how to use the ODDFYIELD function as a worksheet function in Microsoft Excel:

**Syntax**: =ODDFYIELD(B1,B2,B3,B4,B5,B6,B7,B8,B9)

**Result**:

Based on the Excel spreadsheet above, the following ODDFYIELD examples would return:

**Syntax**: =ODDFYIELD(B1,B2,B3,B4,B5,B6,B7,B8,B9)

**Result**: 0.06814328

**Syntax**: =ODDFYIELD(DATE(2009,11,11),DATE(2022,3,1),DATE(2009,10,15),DATE(2010,3,1),0.0575,100,120,2,0)

**Result**: 0.06814328

**Syntax**: =ODDFYIELD(DATE(2009,11,11),DATE(2022,3,1),DATE(2009,10,15),DATE(2010,3,1),5.75%,B6,B7,B8,B9)

**Result**: 0.06814328

**Note**:

- #NUM! error – Occurs when:
- The given issue date is greater than or equal to the settlement date.
- The given settlement date is greater than or equal to the first_coupon date.
- The first_coupon date given is greater than or equal to the maturity date.
- We provided invalid numbers for the rate, pr, redemption, frequency or [basis] arguments. That is if either rate is less than 0; pr is less than 0; redemption is less than or equal to 0; frequency is any number other than 1, 2, or 4; or [basis] is any number other than 0, 1, 2, 3, or 4).

- #VALUE! error – Occurs when:
- The given settlement, maturity, issue or first coupon arguments are not valid Excel dates.

- Any of the given arguments is non-numeric.