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

**Syntax**:= ODDLYIELD (sd, md, ld, rate, pr, redem, freq, [basis])

The ODDLYIELD 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.**Last_interest**Required. The security’s last 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 ODDLYIELD function examples and explore how to use the ODDLYIELD function as a worksheet function in Microsoft Excel:

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

**Result**:

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

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

**Result**: 0.072103278

**Syntax**: =ODDLYIELD(DATE(2019,6,20),DATE(2019,8,15),DATE(2018,11,15),0.0425,99.525,100,2,0)

**Result**: 0.072103278

**Syntax**: =ODDLYIELD(DATE(2019,6,20),DATE(2019,8,15),DATE(2018,11,15),4.25%,B5,B6,B7,B8)

**Result**: 0.072103278

**Note**:

- #NUM! error – Occurs when:
- The last interest date is greater than or equal to the settlement date.
- The given settlement date 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, or issue arguments are not valid Excel dates.
- Any of the given arguments is non-numeric.