Returns the yield of a security that has an odd (short or long) first period.
If this function is not available, and returns the #NAME? error, install and load the Analysis ToolPak addin.
How?
 On the Tools menu, click AddIns.
 In the AddIns available list, select the Analysis ToolPak box, and then click OK.
 If necessary, follow the instructions in the setup program.
Syntax
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.
Settlement is the security's settlement date. The security settlement date is the date after the issue date when the security is traded to the buyer.
Maturity is the security's maturity date. The maturity date is the date when the security expires.
Issue is the security's issue date.
First_coupon is the security's first coupon date.
Rate is the security's interest rate.
Pr is the security's price.
Redemption is the security's redemption value per $100 face value.
Frequency is the number of coupon payments per year. For annual payments, frequency = 1; for semiannual, frequency = 2; for quarterly, frequency = 4.
Basis is the type of day count basis to use.
Basis 
Day count basis 
0 or omitted 
US (NASD) 30/360 
1 
Actual/actual 
2 
Actual/360 
3 
Actual/365 
4 
European 30/360 
Remarks
 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 30year 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. The yield is changed through 100 iterations until the estimated price with the given yield is close to the price. See ODDFPRICE for the formula that ODDFYIELD uses.
Example
The example may be easier to understand if you copy it to a blank worksheet.
How to copy an example
 Create a blank workbook or worksheet.
 Select the example in the Help topic.
Note Do not select the row or column headers.
Selecting an example from Help
 Press CTRL+C.
 In the worksheet, select cell A1, and press CTRL+V.
 To switch between viewing the results and viewing the formulas that return the results, press CTRL+` (grave accent), or on the Formulas tab, in the Formula Auditing group, click the Show Formulas button.

A 
B 
Data 
Description (Result) 
November 11, 2008 
Settlement date 
March 1, 2021 
Maturity date 
October 15, 2008 
Issue date 
March 1, 2009 
First coupon date 
5.75% 
Percent coupon 
84.50 
Price 
100 
Redemptive value 
2 
Frequency is semiannual (see above) 
0 
30/360 basis (see above) 
Formula 
Description (Result) 
=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 with the terms above (0.077245542 or 7.72%) 

Note To view the number as a percentage, select the cell and click Cells on the Format menu. Click the Number tab, and then click Percentage in the Category box.