This article describes the formula syntax and usage of the ODDFYIELD function in Microsoft Excel.


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


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

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.

The ODDFYIELD function syntax has the following arguments:

BasisDay count basis
0 or omittedUS (NASD) 30/360
4European 30/360



Copy the example data in the following table, and paste it in cell A1 of a new Excel worksheet. For formulas to show results, select them, press F2, and then press Enter. If you need to, you can adjust the column widths to see all the data.

DataArgument description
November 11, 2008Settlement date
March 1, 2021Maturity date
October 15, 2008Issue date
March 1, 2009First coupon date
5.75%Percent coupon
100Redemptive value
2Frequency is semiannual
030/360 basis
FormulaDescriptionR esult
=ODDFYIELD(A2, A3, A4, A5, A6, A7, A8, A9, A10)The yield of a security that has an odd (short or long) first period, for the bond using the terms in cells A2:A10 as function arguments. Result is (0.0772, or 7.72%).7.72%

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