Description Computes the yield of a security (per $100 face value) purchased during a first coupon period that is shorter or longer than the other coupon periods. In addition to the dates, you must specify the rate, redemption value, and price.

Syntax ODDFYIELD (settlement, maturity, issue, first_coup, rate, price, redemption, frequency [, calendar_type])
Argument Description
settlement The date when the security is traded to the buyer. It must be before first_coup. Decimal values will be truncated to integers.
maturity The date the security expires and the remaining amount is paid to the investor. Decimal values will be truncated to integers.
issue The date the security becomes effective.
first_coup The date of the first interest payment.
rate The security's annual coupon rate.
price The price paid by the buyer at settlement.
redemption The security's redemption value per $100 face value. This is the amount paid at maturity that is not part of any final coupon payment.
frequency The number of interest payments per year. See The frequency Argument for more information.
[calendar_type] Optional. One of five methods of counting days for computing interest. See The calendar_type Argument for more information.

Remarks This function is useful in cases where the security's issuer does not pay interest for the first few months or years after issuing the security.

This function should be used only when the security's first coupon date is a different length than the other coupon dates AND the security was purchased during this odd coupon period.

If all coupon periods are of equal length, use YIELD. If the last coupon period is shorter or longer than the rest, use ODDLYIELD.

Examples This function returns 0.075014: