What is the syntax for ODDFYIELD in Excel?

The syntax for ODDFYIELD is: =ODDFYIELD(settlement, maturity, issue, first_coupon, rate, pr, redemption, frequency, [basis])

What are common errors with ODDFYIELD?

#NUM! if dates are invalid. #VALUE! if non-numeric inputs

How do ODDFPRICE and ODDFYIELD work together?

They're inverse functions for bonds with odd first periods. If you know the price, use ODDFYIELD to find the yield. If you know the yield, use ODDFPRICE to find the price. Both handle irregular first coupon periods.

What makes a first period 'odd' in bond calculations?

An odd first period occurs when the time from issue date to first coupon date differs from the regular coupon frequency. For example, a semi-annual bond issued 4 months before its first coupon has an odd first period.

Financial

ODDFYIELD Function in Excel

Returns the yield of a security with an odd first period.

Syntax

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

Arguments

settlement (required): Security's settlement date
maturity (required): Security's maturity date
issue (required): Security's issue date
first_coupon (required): First coupon date
rate (required): Annual coupon rate
pr (required): Security's price per $100 face value
redemption (required): Redemption value per $100 face value
frequency (required): Number of coupon payments per year
basis (optional): Day count basis (0-4)

Examples

=ODDFYIELD(DATE(2024,1,15), DATE(2034,7,15), DATE(2023,7,15), DATE(2024,7,15), 0.06, 85.84, 100, 2) - Yield of bond with odd first period - Result: 8.00%

ODDFYIELD modeling tips

Align rate and period units (annual rate ÷ 12 for monthly models).
Use consistent cash-flow signs (outflows negative, inflows positive).
Hub: [Financial functions guide](/guides/excel-financial-functions-guide/).

Common errors

#NUM! if dates are invalid
#VALUE! if non-numeric inputs

Use cases

Bond yield calculation
Investment analysis
Portfolio management

Frequently asked questions

What is the ODDFYIELD function in Excel? ODDFYIELD calculates the yield (annual return) of a security with an odd (irregular) first coupon period. It's the counterpart to ODDFPRICE, helping determine the effective yield when the first payment period is non-standard.
How do ODDFPRICE and ODDFYIELD work together? They're inverse functions for bonds with odd first periods. If you know the price, use ODDFYIELD to find the yield. If you know the yield, use ODDFPRICE to find the price. Both handle irregular first coupon periods.
What makes a first period 'odd' in bond calculations? An odd first period occurs when the time from issue date to first coupon date differs from the regular coupon frequency. For example, a semi-annual bond issued 4 months before its first coupon has an odd first period.

Editorial review

Reviewed by Excel.Directory Editorial Team. Updated May 2026.