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


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


ODDLYIELD(settlement, maturity, last_interest, 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 ODDLYIELD 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
4/20/2008Settlement date
6/15/2008Maturity date
12/24/2007Last interest date
3.75%Percent coupon
$100Redemption value
2Frequency is semiannual
030/360 basis
=ODDLYIELD(A2, A3, A4, A5, A6, A7, A8, A9)The yield of a security that has an odd (short or long) last period, for the bond using the terms in cells A2:A10 as function arguments. Result is 0.04519, or 4.52%.4.52%

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