WorksheetFunction.OddFYield Method

Reference

Definition

Namespace:: Microsoft.Office.Interop.Excel

Assembly:: Microsoft.Office.Interop.Excel.dll

Important

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Returns the yield of a security that has an odd (short or long) first period.

public double OddFYield (object Arg1, object Arg2, object Arg3, object Arg4, object Arg5, object Arg6, object Arg7, object Arg8, object Arg9);

Public Function OddFYield (Arg1 As Object, Arg2 As Object, Arg3 As Object, Arg4 As Object, Arg5 As Object, Arg6 As Object, Arg7 As Object, Arg8 As Object, Optional Arg9 As Object) As Double

Parameters

Arg1: Object

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

Arg2: Object

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

Arg3: Object

Issue - the security's issue date.

Arg4: Object

First_coupon - the security's first coupon date.

Arg5: Object

Rate - the security's interest rate.

Arg6: Object

Pr - the security's price.

Arg7: Object

Redemption - the security's redemption value per $100 face value.

Arg8: Object

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

Arg9: Object

Basis - the type of day count basis to use.

Returns

Double

Remarks

Important: Dates should be entered by using the DATE function, or as results of other formulas or functions. For example, use DATE(2008,5,23) for the 23rd day of May, 2008. Problems can occur if dates are entered as text.

0 or omitted	US (NASD) 30/360
1	Actual/actual
2	Actual/360
3	Actual/365
4	European 30/360

Microsoft Excel stores dates as sequential serial numbers so they can be used in calculations. By default, January 1, 1900 is serial number 1, and January 1, 2008 is serial number 39448 because it is 39,448 days after January 1, 1900. Microsoft Excel for the Macintosh uses a different date system as its default.

The settlement date is the date a buyer purchases a coupon, such as a bond. The maturity date is the date when a coupon expires. For example, suppose a 30-year bond is issued on January 1, 2008, and is purchased by a buyer six months later. The issue date would be January 1, 2008, the settlement date would be July 1, 2008, and the maturity date would be January 1, 2038, which is 30 years after the January 1, 2008, issue date.

Settlement, maturity, issue, first_coupon, and basis are truncated to integers.

If settlement, maturity, issue, or first_coupon is not a valid date, OddFYield returns the #VALUE! error value.

If rate < 0 or if pr ≤ 0, OddFYield returns the #NUM! error value.

If basis < 0 or if basis > 4, OddFYield returns the #NUM! error value.

The following date condition must be satisfied; otherwise, OddFYield returns the #NUM! error value:

maturity > first_coupon > settlement > issue

Excel uses an iterative technique to calculate OddFYield. This function uses the Newton method based on the formula used for the function OddFPrice(Object, Object, Object, Object, Object, Object, Object, Object, Object). The yield is changed through 100 iterations until the estimated price with the given yield is close to the price. See OddFPrice(Object, Object, Object, Object, Object, Object, Object, Object, Object) for the formula that OddFYield uses.

Applies to