What is the syntax for ODDLYIELD in Excel?

The syntax for ODDLYIELD is: =ODDLYIELD(settlement, maturity, last_interest, rate, pr, redemption, frequency, [basis])

What are common errors with ODDLYIELD?

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

How do ODDLPRICE and ODDLYIELD work together?

They're inverse functions for bonds with odd last periods. If you know the price, use ODDLYIELD to find the yield. If you know the yield, use ODDLPRICE to find the price. Both handle irregular final coupon periods.

Why would a bond have an odd last period?

Bonds often have odd last periods when they mature on specific dates that don't align with the regular coupon schedule. For example, a semi-annual bond maturing 4 months after its last regular coupon has an odd last period.

Financial

ODDLYIELD Function in Excel

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

Syntax

=ODDLYIELD(settlement, maturity, last_interest, rate, pr, redemption, frequency, [basis])

Arguments

settlement (required): Security's settlement date
maturity (required): Security's maturity date
last_interest (required): Last 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

=ODDLYIELD(DATE(2024,1,15), DATE(2024,7,10), DATE(2024,1,15), 0.06, 98.45, 100, 2) - Yield of bond with odd last period - Result: 8.00%

ODDLYIELD 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
Maturity analysis
Investment evaluation

Frequently asked questions

What is the ODDLYIELD function in Excel? ODDLYIELD calculates the yield (annual return) of a security with an odd (irregular) last coupon period. It determines the effective yield when the final payment period before maturity is non-standard.
How do ODDLPRICE and ODDLYIELD work together? They're inverse functions for bonds with odd last periods. If you know the price, use ODDLYIELD to find the yield. If you know the yield, use ODDLPRICE to find the price. Both handle irregular final coupon periods.
Why would a bond have an odd last period? Bonds often have odd last periods when they mature on specific dates that don't align with the regular coupon schedule. For example, a semi-annual bond maturing 4 months after its last regular coupon has an odd last period.

Editorial review

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